Taking a look at ZARJPY in the H1 timeframe, I notice that it's currently at the (X-Y) leg, meeting the 50 EMA. However, it's important to note that the sequence isn't theoretically complete; - it reaches completeness at point Y.
What piques my interest is the possible completion of point (X). This could potentially signal a shift towards a bearish trend leading to point (Z). This is particularly significant because point (X) signifies the conclusion of an established bullish trend within the Elliot Wave sequence, considering the fib 1.1618.
The prevailing bias points towards 7.079 with a single price target, and when we consider the overall trend on the daily chart, it remains bullish, aligning with the 200 EMA.
K.
Strategy Concepts: ABC-D, 50 EMA & 200 EMA, Elliot Wave, SnR zones, AB = (CD * 1.1618)