Updating this idea from the previous thread which has grown too long. We now have an established low for wave B of the correction, and a 5 up from it. Any 3 wave correction now is a buy. Tomorrow morning (Tuesday) will be the high court decision. For those who trade the pound, cable also has a 5 up.
A number of possibilities here. It looks like a WXY correction from the high -- in sum for W. This up move is corrective and would serve as a major X, for another leg down for Y.
Alternatively the high from the Sept ED could be a LD (Leading Diagonal), although not all the inner movements are down in 5.
In sum this pair remains bearish and NZD is weak. I will ...
Price appears to have made a 5 wave impulse for 1, and appears corrective for 2 now. If it can establish a low in the 1.49/1.48 area, there is enormous upside potential. Price appears to have already broken the long ending diagonal.
This pair has a lot of upside potential and appears to be entering wave 3 in a series of 1s and 2s. See charts below for the bigger picture. There is the possibility for a deeper wave 2 here, but at the moment it looks unlikely.
This pair is weak and has printed 5 down for a first major impulse. However it appears to be in a triangle, so if we see a new low, be wary of a reversal for a sharp wave up to complete an expanded flat.
The dollar index appears to need a move down before its next major impulse up.
I think the minimum correction has been met -- (C) has finished or we are in or towards the tail end of it. Frankly I am looking for price to continue rising, as the down move is only in 3 waves so far (see chart below). There are several variations from here -- it's done, or one more up, or we just completed wave 1 of C of (C), or more beyond that. The bottom ...
The move from the low has been a simple ABC correction, with a tri for B. Nothing bullish about it yet. However the downtrend line going back to early August has been broken, so there may be a more complex correction up.
I recounted this. We haven't yet seen an impulse up from the lovely purple ED, so price may squiggle down for another low. It would have to explode higher then for this count to be valid. The weekly chart still looks like a low is near. The alternative is a gloom boom and doom scenario.