A few days back we posted a chart of NZDJPY
, that was trading in a correction, specifically in a flat correction
pattern. In the last leg of this correction wave C, we thought that pair could make at least one more push up so five sub-waves would be visible. However that was not the case and a drop occur. No worries, this drops was still expected and is now labeled as red wave (i) that seems to be completed, as recent rally to the upside can be an unfolding wave (ii), that could reach fibo. ratios of 0.50 or 0.618, before turning to the downside in wave ( iii
At least three waves up are needed in wave (ii), before a new turn down can occur.
Our previous updates on this pair :