Send me real-time posts from this site at my email

Elliott Wave View: 5 Swing Sequence in NZDUSD Favors Downside

November 30, 2021 By

NZDUSD broke below August 20, 2021 low (0.6805) and now shows a 5 swing sequence from February 25, 2021 high favoring more downside. A 5 swing sequence is an incomplete sequence and needs another leg lower to end 7 swing. Short term, cycle from October 21, 2021 high is in progress as a 5 waves impulse Elliott Wave structure. Down from October 21 peak, wave 1 ended at 0.6976 and rally in wave 2 ended at 0.70527. Pair then resumes lower in wave 3 towards 0.68 and bounce in wave 4 ended at 0.6839.

Near term, as far as pivot at 0.7055 high stays intact, pair could see further downside to end wave 5. Alternatively, pair may have already ended wave 5 and consequently cycle from October 21 peak may have ended. Either way, we expect a larger degree 3 waves rally should happen soon to correct the cycle from October 21 high. Afterwards, due to the 5 swing sequence from February 25, 2021 high, this rally should likely fail in 3, 7, or 11 swing for more downside. A 7 swing structure from February 25 has potential 100% – 161.8% Fibonacci extension target towards 0.615 – 0.655.

NZDUSD 60 Minutes Elliott Wave Chart

NZDUSD Elliott Wave Video


Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue