USDZMW BEARISHUSDZMW hit k22.94, A record high on July 2021. This high completed five waves at minor degree (bull market). USDZMW has since been in a bear market to correct the Impulsive bullish period from 1997. The decline after July was expected to be aggressive as it typical after a market hits the record high and the five wave is extended. The rally from August 2021 to date is clearly counter trend which is in its final stages. If the the Impulsive decline in the bear market is wave 1, look for a further rally to ideally hit the 1.618 fib @ K20.07 to complete wave 2. Otherwise expect a further decline down in wave C or 3 that will pull USD to a range of k9.37 ( at which the entire bear market retrace 0.618 fib level of the bull market) to k7.54 (the impulsive decline wave C will equal a 1.618 multiple of wave A).
