NZDUSD Triple zigzag begins bearish trend

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The current NZDUSD structure indicates a primary triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.

Sub-waves ① and ② of the primary degree have ended. Wave ① is a 5-wave impulse, with wave ② being an intermediate (A)-(B)-(C) zigzag.

In the medium term, we could see a decline in the bearish trend below the 0.592 area.

This signals the previous level formed by the primary intervening wave Ⓧ.

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An alternative scenario shows the primary triple zigzag is not yet complete.

In the near future, intermediate impulse (C) will move to the 0.636 area. At that level, intervening wave Ⓧ will be at 50% of wave Ⓨ.

After the completion of the said wave, primary wave Ⓩ could rise to 0.680.

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