$NZD/CAD Daily Elliottwave Analysis 5/24/2015
Daily NZD/CAD looks bearish, same with the weekly outlook (see related idea below).
Decline from wave ((X)) high at 0.9619 is proposed to be in triple three structure (W)-(X)-(Y)-(X)-(Z) where wave (W) ended at 0.9294, wave (X) ended at 0.945, wave (Y) ended at 0.8795, wave (X) ended at 0.9041, and wave (Z) is in progress towards 0.864 - 0.8716 to finish wave w.
As far as wave (X) high at 0.9041 holds, there's a chance the decline can continue towards 0.864 - 0.8716 before a larger bounce in wave x is seen. A break above 0.9041 high gives an early indication that wave w could have ended at 0.8795 and the pair is already in wave x bounce to correct the entire decline from 0.9619.
Expect to see some profit taking in 0.864 - 0.8716 region and the pair to bounce in wave x before the decline resumes. We don't like buying the proposed bounce in wave x. As far as 0.9619 holds during wave x bounce, the pair should resume the decline lower again.
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Follow more updates at Twitter: cmellon1976
Website: elliottwave-forecast.com/amember/go.php?r=2670&i=l1
Send email hendra@elliottwave-forecast.com if you want to be in distribution list for Weekly, Daily, and 4 Hour Elliottwave Charts update for these 5 pairs (AUD/NZD, AUD/CAD, NZD/CAD, EUR/NZD, and EUR/CAD)
Decline from wave ((X)) high at 0.9619 is proposed to be in triple three structure (W)-(X)-(Y)-(X)-(Z) where wave (W) ended at 0.9294, wave (X) ended at 0.945, wave (Y) ended at 0.8795, wave (X) ended at 0.9041, and wave (Z) is in progress towards 0.864 - 0.8716 to finish wave w.
As far as wave (X) high at 0.9041 holds, there's a chance the decline can continue towards 0.864 - 0.8716 before a larger bounce in wave x is seen. A break above 0.9041 high gives an early indication that wave w could have ended at 0.8795 and the pair is already in wave x bounce to correct the entire decline from 0.9619.
Expect to see some profit taking in 0.864 - 0.8716 region and the pair to bounce in wave x before the decline resumes. We don't like buying the proposed bounce in wave x. As far as 0.9619 holds during wave x bounce, the pair should resume the decline lower again.
---------------------------------
Follow more updates at Twitter: cmellon1976
Website: elliottwave-forecast.com/amember/go.php?r=2670&i=l1
Send email hendra@elliottwave-forecast.com if you want to be in distribution list for Weekly, Daily, and 4 Hour Elliottwave Charts update for these 5 pairs (AUD/NZD, AUD/CAD, NZD/CAD, EUR/NZD, and EUR/CAD)
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