Good day traders! Today let's have a look at GBPNZD and its potential Elliott wave pattern.
GBPNZD is trading in a potential complex correction as part of wave iv). We see a possible contracting triangle correction in the making, with four sub-waves already unfolded. Current intra-day move can now be final sub-wave e of iv), that can search for a base near the lower triangle line and later make a new five-wave recovery higher, into wave v)
GBPNZD, 4H
A triangle correction is an Elliott wave pattern, that unfolds prior to the final wave, meaning once fully unfolded a new and final push into the direction of the trend may follow. In our case this is to the upside. A triangle pattern consist out of five waves and usually each of them have three minor legs.
Triangle pattern:
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