The current NZDUSD structure indicates that a large bullish triple zigzag is forming in the market. This is the cycle wave y of the global uptrend.
This zigzag consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ which, in turn, include intermediate sub-waves. The first four sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ have been fully completed. At the moment, most likely, the development of a bullish wave Ⓩ is taking place.
Wave Ⓩ can take the form of a double zigzag (W)-(X)-(Y), as indicated on the chart.
Thus, in the near future, the market could grow in a zigzag pattern to the 0.741 area. The goal is determined using the Fibonacci extension. At that level, wave Ⓩ will be at 123.6% of wave Ⓨ.
An alternative scenario suggests that the development of a global bearish correction wave x of the cycle degree could be incomplete. Now we see the completion of the primary sub-wave Ⓩ, which is in the last part of the wave x.
Wave Ⓩ, according to internal structure is a triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree.
Most likely, we are now seeing the development of the final actionary wave (Z). This wave can end near 0.682 and then move higher to 0.721.
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