$NZD/CAD 4 Hour Elliott Wave Analysis 5/30/2015
Decline from wave ((X)) high at 0.962 is proposed to be in a triple three structure (W)-(X)-(Y)-(X)-(Z) where wave (W) ended at 0.929, wave (X) ended at 0.9457, wave (Y) ended at 0.8784, second wave (X) ended at 0.9041, and wave (Z) is currently in progress.
From second wave (X) at 0.9041 high, decline in wave (Z) is unfolding in the form of a double correction W-X-Y. Wave W is proposed complete as a flat at 0.8816, and the pair can bounce in wave X to as high as 0.8937 - 0.8965 before the decline resumes. We don't like buying the bounce. If price breaks 0.906, the pair can do a double correction and target 0.91 - 0.915 before the decline resumes.
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From second wave (X) at 0.9041 high, decline in wave (Z) is unfolding in the form of a double correction W-X-Y. Wave W is proposed complete as a flat at 0.8816, and the pair can bounce in wave X to as high as 0.8937 - 0.8965 before the decline resumes. We don't like buying the bounce. If price breaks 0.906, the pair can do a double correction and target 0.91 - 0.915 before the decline resumes.
---------------------------------
Follow more updates at Twitter: cmellon1976
Website: elliottwave-forecast.com/amember/go.php?r=2670&i=l1
Free 14 days trial: elliottwave-forecast.com/amember/go.php?r=2670&i=l3
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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