GBPNZD Bulls Are Over Staying Their Welcome
The weekly chart above shows GBPNZD's entire decline from Aug 2015 high. The sell-off is a textbook Elliot Wave impulse pattern, labeled 1-2-3-4-5.
According to the theory, a three-wave retracement follows every impulse. Here, that three-wave rally has been unfolded as a W-X-Y-X-Z triple zigzag pattern. Wave (c) of Z is about to complete. I anticipate GBPNZD to find resistance at the 50% Fibonacci level that lined up with the weekly resistance zone.
If this count is correct, there is a complete 5-3 wave cycle on GBPNZD's weekly chart. According to the Elliott Wave theory, the trend can now be expected to resume in the direction of the impulsive sequence.
I think the bears might not have to wait too long to conquer November 2016 low and beyond.
Kindly like, comment and follow if you like this analysis.
Thank you.
Veejahbee.
According to the theory, a three-wave retracement follows every impulse. Here, that three-wave rally has been unfolded as a W-X-Y-X-Z triple zigzag pattern. Wave (c) of Z is about to complete. I anticipate GBPNZD to find resistance at the 50% Fibonacci level that lined up with the weekly resistance zone.
If this count is correct, there is a complete 5-3 wave cycle on GBPNZD's weekly chart. According to the Elliott Wave theory, the trend can now be expected to resume in the direction of the impulsive sequence.
I think the bears might not have to wait too long to conquer November 2016 low and beyond.
Kindly like, comment and follow if you like this analysis.
Thank you.
Veejahbee.