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The current NZDUSD structure suggests that the primary Ⓐ-Ⓑ-Ⓒ zigzag is under development.
The standard ‘three’ pattern has only its 5-wave impulse Ⓐ completed. Wave Ⓑ, which is a double (W)-(X)-(Y) zigzag, is currently under formation.
Wave (W) of Ⓑ is a bullish zigzag, wave (X) a triangle, and wave (Y) resembles an incomplete zigzag.
In the short term, we could see minor sub-waves A-B-C complete intermediate wave (Y) near 0.648.
At that level, the primary wave Ⓑ will be at 78.6% of Ⓐ.
However, an alternative scenario suggests that the primary wave Ⓑ is a bullish zigzag consisting of sub-waves (A)-(B)-(C).
If this hypothesis is correct, then the formation of sub-waves (A) and (B) has been completed. In that case, wave (A) is an impulse, and wave (B) is a double ‘three’ W-X-Y.
Therefore, in the near future, we could see an impulse in wave (C) near 0.626.
At that level, the primary wave Ⓑ will be at 61.8% of Ⓐ.
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