NZD/USD: Elliott waves (Jan. 13)
Weekly. During the last two and a half years the market is forming a global corrective movement, which represents a convergent horizontal triangle.
Chart. Weekly NZD/USD
Daily. We are now witnessing the construction of the wave (D) of this triangle. It’s most likely that this wave will take the form of a Zigzag.
Chart. Daily NZD/USD
H4. More detailed view of the markup shows that the wave b took form of a Zigzag. The pair has already started forming the rising wave C. We see an almost completed wedge in the wave . In the near future we expect the wedge to get finished, as shown at the picture. Then the market will generate a small downward correction before lifting. This adjustment will be the wave .
Chart. H4 NZD/USD
Roman Petuchov for FBS