NZDUSD Elliott Wave structure

5 сент. 2016 г.

Wave 3 completed a 1:1 market ratio move of Wave 1, aka ABCD pattern. Then, price rejected and retraced to the 50% level. With respect on the bullish trendline and the consolidation of the 50% level, we can anticipate an upward move. Also, since Wave 3 rejected at the 1 to 1 move, it was identified as NOT an extended wave, therefore that leads us to believe that the 5th wave will become extended. Targets for the 5th Wave are the ABCD completion and the 1.618 expansion of Wave 1