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The NZDUSD structure hints to a simple Ⓐ-Ⓑ-Ⓒ zigzag.
Waves Ⓐ-Ⓑ are complete whereas wave Ⓒ is still ongoing. It consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5). Intermediate wave (4) completed already in a triple zigzag.
Prices are now expected to continue higher in wave (5). The short-term target is near 0.706. At that level, primary wave Ⓒ will be at 161.8% of Ⓐ.
An alternative scenario shows a bullish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
We are now in the midst of the final wave Ⓩ. This is a zigzag consisting of intermediate sub-waves (A)-(B)-(C).
With wave (A) complete, we could see a correction in wave (B) near 0.660. At that level, it will be at 61.8% of (A).
Following the correction, prices could move in wave (C) near the 0.697 area. At that level, wave Ⓩ will be at 161.8% of wave Ⓨ.
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