Tuesday, August 12, 2014

Elliott eave analysis of EUR/NZD - Impulsive five wave rally from 1.5398

EUR/NZD target at 1.5920

We have a nice five wave rally of the 1.5398 low. The ideal target for wave v of 1 is at 1.5920, we could of course see an extension higher towards 1.5965, but no matter what a minor top should be close by.

The five wave rally tells us, that we should expect only a correction, once wave v finally is in place. After the correction a new impulsive rally should be seen.

As we can count five nice wave up from 1.5398 and have a minor triangle as wave iv, we know that we are in the final move higher of this impulsive rally, before a correction lower to 1.5555 takes over.

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