NZDJPY Ready to Turn After Completing Zig-Zag Structure?
Updated
Hello Traders,
In this short-term analysis, we will have a look at NZDJPY.
NZDJPY has ended the cycle from 04/13/18 peak (79.63) at the low of 05/29/18 (74.57) in red wave W.
Up, from that low it ended a 5 waves impulse structure in black wave ((a)) at 05/30/18 peak (76.29). From that peak, it ended the correction to that cycle in black wave ((b)) at 05/31/18 low (75.64).
From that low, it ended again 5 waves impulse structure in black wave ((c)) at 77.37-77.78 equal legs extreme area from 05/29/18 lows as a part of a ZigZag structure in black wave ((a))-((b))-((c)).
As long as it stays below 77.76 peak, we are calling the correction completed in red wave X. The right side remains to the downside due to its bearish sequence. Therefore, we like selling it in 3-7-11 swings against 78.459 invalidation level.
In this short-term analysis, we will have a look at NZDJPY.
NZDJPY has ended the cycle from 04/13/18 peak (79.63) at the low of 05/29/18 (74.57) in red wave W.
Up, from that low it ended a 5 waves impulse structure in black wave ((a)) at 05/30/18 peak (76.29). From that peak, it ended the correction to that cycle in black wave ((b)) at 05/31/18 low (75.64).
From that low, it ended again 5 waves impulse structure in black wave ((c)) at 77.37-77.78 equal legs extreme area from 05/29/18 lows as a part of a ZigZag structure in black wave ((a))-((b))-((c)).
As long as it stays below 77.76 peak, we are calling the correction completed in red wave X. The right side remains to the downside due to its bearish sequence. Therefore, we like selling it in 3-7-11 swings against 78.459 invalidation level.
Note
NZDJPY revised view, the pair is doing now a flat structure from 05/09/18 lows where it has ended black wave ((a)) at 05/22/18 peak (77.477) and black wave ((b)) at 05/29/18 low (74.55).
As long as it stays above 75.649 it can do 1 more push higher towards the equal legs area of 78.563-78.971 before ending the flat correction in red wave B to resume lower or pulling back in 3 waves at least.
We don’t buying the pair and the right side remains to the downside in 3-7-11 swings.
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