GBPNZD WEEKLY: Short-term Bullish and Long-term Bearish
In the GBPNZD weekly chart above, GBPNZD sell-off impulsively from its August 2015 high.
The decline is in five-wave and labeled as 1-2-3-4-5 in wave (A). Sub-wave of wave 1 of (A) is also visible.
Since GBPNZD bottomed in November 2017, it has been in a corrective wave, which is expected according to Elliot Wave Principle. A three-wave correction follows every impulse before the price resume in the direction of the trend.
In the case of GBPNZD, the correction seems to be unfolding as a triple zigzag "W-X-Y-X-Z" pattern, and it's almost completed. Price is expected to move higher in wave (c) of Z to complete the major correction. The anticipated area for the completion of the correction is the blue zone that lined up with the upper trend channel + 50% retracement of the entire decline.
If this count is correct, the dominant trend is bearish, and once the corrective structure is completed, the market should begin a massive decline in wave (C). Wave (C) target lies below the wave (A) low.
What's your thought on GBPNZD?
Best,
Veejahbee.
The decline is in five-wave and labeled as 1-2-3-4-5 in wave (A). Sub-wave of wave 1 of (A) is also visible.
Since GBPNZD bottomed in November 2017, it has been in a corrective wave, which is expected according to Elliot Wave Principle. A three-wave correction follows every impulse before the price resume in the direction of the trend.
In the case of GBPNZD, the correction seems to be unfolding as a triple zigzag "W-X-Y-X-Z" pattern, and it's almost completed. Price is expected to move higher in wave (c) of Z to complete the major correction. The anticipated area for the completion of the correction is the blue zone that lined up with the upper trend channel + 50% retracement of the entire decline.
If this count is correct, the dominant trend is bearish, and once the corrective structure is completed, the market should begin a massive decline in wave (C). Wave (C) target lies below the wave (A) low.
What's your thought on GBPNZD?
Best,
Veejahbee.
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