Wednesday, July 2, 2014

Elliott wave analysis of EUR/NZD - X-wave bottom in place?

EUR/NZD  X-wave bottom in place?

With the low at 1.5479 (just above the 78.6% corrective target at 1.5460) the odds favour a long term bottom being in place, but we still need some hard evidence, that this is in fact the case. The first good evidence will be seen with a break above support at 1.5706 and of course if we can count a nice small five wave rally of the 1.5479 low.

As of yet we only have as possible wave 1-2/(i)-(ii) count, but a nice acceleration above 1.5650 and of course 1.5706 will add a lot of confidence in the bottom count.

Once we have confirmation of a long term bottom being in place we should be looking for a major rally above the August 2013 high at 1.7274

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