NZDJPY Ready to Turn After Completing Zig-Zag Structure?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.
