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nzdusd elliott

The current NZDUSD structure shows the formation of the final leg of the primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Wave Ⓩ consists of intermediate sub-waves (A)-(B)-(C) and is a simple zigzag.

The first two parts of the zigzag are fully complete. Wave (C), which takes the form of a minor impulse 1-2-3-4-5, is still under development.

It is likely that wave 5 could rise to 0.710. At that level, primary wave Ⓩ will be at 61.8% of zigzag Ⓨ.

nzdusd

An alternative scenario shows wave Ⓩ could be larger than expected in the main scenario.

In this case, only the intermediate impulse wave (A) has recently completed.

We could see a decline within the bearish correction wave (B) to the 0.673 area. At that level, correction (B) will be at 61.8% of impulse (A).

Finally, we can expect the development of a bullish intermediate impulse (C).

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