EUR/NZD - First minor impulsive wave down, is close to end

EUR/NZD - This is not a cross I often mention, but since the 1.6969 high, which by the way ended wave 4, we have seen a very nice five wave decline down to 1.6259, which is just 3 small pips above the upper part of the ideal target-area for this first five wave decline.
Looking at the internal wave from 1.6969 down to 1.6259 wave iii became almost exactly 2 times longer than wave i.
Wave ii was a simple zig-zag, which corrected 86.1% of wave i, while wave iv alternated and became a complex correction correcting less than 38.2% of wave iii.
We should soon see correction on the entire decline from 1.6969 to 1.6259, a break above 1.6354 confirms that wave 2 have begun. A correction that should at least take us to the top of wave iv of one lessor degree at 1.6544 (just above the 38.2% at 1.6530), however it's more likely that wave 2 will correct towards 50 - 61.8% area between 1.6614 - 1.6697, before we will be ready to see wave 3 down.