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NZDUSD Triple Zigzag to End Near 0.746

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NZDUSD shows the formation of a global triple zigzag of the primary degree consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

At the time of writing, the final primary wave Ⓩ is currently under construction.

Wave Ⓩ consists of sub-waves (A)-(B)-(C) of the intermediate degree. Impulse wave (A) and bearish correction wave (B) have ended.

In the near future, we could see the minor sub-waves 3-4-5 form an intermediate impulse (C) to the 0.746 area. At that level,  impulse (C) will be at 50% of impulse (A).

nzdusd elliott

An alternative scenario shows that only the intermediate wave (A) has ended as part of the primary wave Ⓩ.

With the price declining in the minor wave C, It is expected to end near 0.695.

At that level, zigzag correction (B) will be at 50% of intermediate impulse (A).

Finally, after reaching this level, the market could begin to build a bullish impulse (C).

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