NZD/USD has decline in a nice five wave structure from 0.8696 (red wave (i)). I will now be looking for a minor correction back towards 0.8592 (the 38.2% corrective target of the decline from 0.8696 to 0.8527) or maybe even to 0.8631 (the 61.8% corrective target) to end red wave (ii) and set the stage for a powerful decline in red wave iii lower towards 0.8345 and possibly even lower.
A break above minor resistance at 0.8549 indicates that the correction higher is on-going, but remember that it's only a correction I'm looking for. Once this correction is over look for a downside acceleration.
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I like the analysis EWS. I have the same conclusions but your labelling spells it out better than I could
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