Elliott wave analysis of USD/ZAR - Medium term count

USD/ZAR

The correction from red wave iii high at 11,3890 has extended towards the 50% corrective target at 10,5480. With a low just above the ideal target at 10,5414 we could have seen an important bottom, but to indicate that a bottom might be in place we need a break above the short term reflex point at 10,6318 and more importantly we need a break above the larger reflex point at 10,7323. Once this reflex point is broken in an impulsive wave it should be followed by a three wave correction towards the 10,62 - 10,64 area. Longer term a break above 10,9771 to confirm that red wave iv is in place and the final red wave v is unfolding for a move above the top of red wave iii at 11,3890.