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Picking Tops and Bottoms
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New Zealand Dollar: Decline to Accelerate
Thu, Mar 20 2008, 06:17 GMT
by Jamie Saettele
Visit the Kiwi MAJOR Reversal article from Friday to view the longer term chart that indicates why we favor a major turn. This chart is very short term (15 minute) for timing purposes.
This is a possible short term bearish count that would fit with our bigger picture count that suggests a major top is in place at .8215. The decline from .8215 can be counted as a 5 wave drop (wave i is a leading diagonal) and the rally to .8173 can be counted as a 3 wave correction. This up-down sequence is viewed as waves 1 and 2 of a 5 wave bear cycle. This implies that wave 3 is underway now (from .8173) and that the decline is about to accelerate. Expect a small bounce in wave ii of 3 first though.
Published on Thu, Mar 20 2008, 06:23 GMT
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