Elliott wave analysis - NZD/USD looking lower within a three-wave drop

Gregor Horvat Wavetraders

Wave 4 has completed its three-wave recovery at the upper trend line on NZDUSD, which then started a new sharp drop into a final wave 5 of a bigger Elliott wave ending diagonal. We see a strong break below the two trend lines, which suggest an A)-B)-C) move to be in play within a final wave , targeting 0.618/0.613 region in upcoming weeks or months.

NZD/USD, daily

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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