(Many are very on NZDUSD pair which might suggest that possible larger crown are wrong).
I then reviewed this and forgot to publish it as I was focused on catching NZD weakness buy going long on GBPNZD which I did publish. So apologies for those who might have missed the initial entry.
However, it appears that it has already topped with a ( ). The initial drop of the high appears to be impulsive and hence possible wave 1 decline if correct we could see strong wave 3 drop to follow.
1. Still in larger degree cycle
2. Formed wxy retracement to the upside with waves "w" and "y" being of equal length.
3.Topped with ( ) accompanied with divergence.
4. Appears to have declined of the high in impulsive wave 1 and retraced partially for form visible on smaller time frame.
5. Any further weakness would break rising support line and possible below corresponding rising on price chart.
6. Downside targets are eyed with previous structure lows along the way and round numbers as follows:
Target 1 = 0.74
Target 2 = 0.72
Target 3 = 0.70
In Green you will note that if we have measured move then we could be looking for 0.70 are but will have to see how it develops and 0.72 could well hold
See weakly chart for larger picture
Any Bulls should not give too much room to their long positions as this is a high risk trade.
Traders should see what confirmation they require to consider possible short trade.
Observe the price as it moves to 0.72 in order to get clues about future expectation namely if the previous low would hold and form triple bottom or head to lower zone around 0.69.
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