Elliott Wave Principle is a theory about how financial markets move, and it's used by traders to predict the movement of the market. It was developed by Ralph Nelson Elliott in the 1930s, and it's still in use today. To use Elliott Wave principles, you have to be able to identify when a movement in the market is not just a regular up or downswing, but actually part of a larger pattern that repeats itself every time. NZDJPY on the daily has completed a classical W structure with the first leg elongated. the retracement of the first leg was around 0.786 fib level. From a trading perspective, a short position should be taken at CMP with a protective stop at 80.859 the rejection of price at 80.151 is an indication that the bears have taken control. There is no significant momentum support for a bullish move. the implementation period is within 3 to 5 days.
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