Apparently the mark-up has not started. The NZD is showing weakness with divergence on the TDI
and a break of the 21 Day OF. A great analysis by @IvanLabrie (https://www.tradingview.com/chart/NZDJPY/ocSepU1M-NZD-trade-weighted-index-Short-NZD-against-strong-currencies/
) seems to confirm this weakness. So I was too quick to call the start of Phase E. In Phase E if the analysis is correct we should see a consistent dominance of demand over supply. This is evidenced by a pattern of advances (SOSs) on widening price spreads and increasing volume
, and reactions (LPSs) on smaller spreads and diminished volumes. During Phase D, the price will move at least to the top of the TR
and we have passed that. LPSs in this phase are generally excellent places to initiate or add to profitable long positions. So this looks like another pullback and opportunity to add longs at a cheaper price.