NZDUSD Hints At Bullish Triple ZigZag Completion

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NZDUSD hints to a bullish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ in the final primary wave Ⓩ.

Wave Ⓩ is a simple zigzag consisting of intermediate sub-waves (A)-(B)-(C). Wave (A) is an impulse, whereas wave (B) is a bearish zigzag.

In the short term, we could see minor waves 3, 4, and 5 completing the intermediate impulse near 0.697.

At that level, wave Ⓩ will be at 161.8% of zigzag wave Ⓨ.

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An alternative scenario shows the structure of a triple zigzag. Primary wave Ⓩ is currently in formation.

The middle part of wave Ⓩ which is the corrective wave (B), may take the form of a flat.

Zigzag wave A and triple zigzag correction wave B are complete, as prices reach the previous high.

It is likely that we could see a decline in impulse C near 0.660, at the previous low.

After the flat, we expect prices to rise in the intermediate impulse (C).

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