Friday, August 26, 2016

Elliott wave analysis of AUD/NZD - Wave ii bottom likely in place with the test of 1.0383



AUD/NZD - Wave ii bottom likely in place with the test of 1.0383 

In my August 19 post (you can see that post by clicking here) I called for a decline into the 1.0387 - 1.0460 area to complete wave ii. Wave ii completed with the test of 1.0383 and wave iii to above 1.0772 is now developing. 
The first good indication that wave iii indeed is under way is a break above minor resistance at 1.0469, while a break above 1.0528 will confirm the next impulsive rally for a return to 1.0772 on the way higher to 1.1333 and likely even above.

We are about to enter wave iii of [3], which normally is the strongest part of an impulsive rally. This is the wonder to behold and when prices goes almost vertical, with only very small correction, so I'm not sure you will want to miss this opportunity.

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