NZDUSD 1D - Elliott Wave Analysis

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD             is currently trying to rise after a sharp drop. Is this rise part of a correction or part of an upswing?

Based on my analysis, NZDUSD             completed a five wave upswing on Mar 28, 2014, followed by an Expanded Flat abc correction ending on Apr             29. This was followed by a wave 1 which ended on May 06, which was higher than wave b of the prior correction.
The uptrend has resumed and the 1st & 2nd waves are over. The 3rd wave have started. This will be confirmed once price breaks over wave 1 high. Looking for some informative comments.
You might want to check your wave count, you are showing point b higher than wave 5 and point c higher than a?

Consider this alternative: b=w3; c=w4;1=w5.
gringerman mustard
Thanks mustard. The correction abc I indicated is valid. It is a variation of expanded flat called running flat. I have published another interpretation and numbering in the attached chart
mustard gringerman
I can see your reasoning and logic.

Right now, this pair is in a messy state for me.

On the weekly chart, I am showing a wedge formation extending from the 2011 high.

Price has broken above the upper resistance T/L and just managed to take out the 2013 high, but has yet to challenge the 2011 high and shows loss of momentum, plus forming a shooting star last week.

In consequence, I am waiting to short this pair on a break below 0.8602, looking for a deeper retracement to more significant support at 0.8515.

A break above 0.8710 would alter my view.
gringerman mustard
Got it mustard... Very useful to see so many different view points. I was looking at Razvan's idea on the NZDUSD chart . His expecting the price to go down after a short bump. As you mentioned, NZDUSD is not exactly showing a lot of strength at the moment. I will keep a close watch on this and exit if it closes below the lower support line.
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