USDZMW Analysis

The decline from July 2021 to August 2022 has unfolded in a zigzag . If the July 2021 record high (ZMW 22.65) completed a five wave pattern that started in the 90s (IPO). Then the current decline is not sufficient to correct the totality of the five wave pattern and the rally from August 2022 is an X wave of larger bearish Complex correction. Wave X is forecasted to terminate at .618 (ZMW 18.93) to .786 (ZMW 21.08) fib level of Wave W. Wave Y should then resume and take prices below the August 2022 low (ZMW 15.7) potentially a range of to ZMW 11.90 to ZMW 9.73 . However if the first decline after the current rally (Wave X) unfolds into a correction, that will give the first indication that the market is still bullish and the August 2022 low is wave 4 (Minor degree). The final indication of a bullish market will be a close above the July 2021 record high (ZMW 22.65). In that case wave 5 (Minor degree) will is forecasted to terminate at 1 fib extension of alternate wave 1 (Minor degree) at which $1 trades against ZMW @ 27.91.