Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

The decline from 124.50 has become much bigger than I anticipated and that is of cause of concern, but, and that is of the utmost importance, support at 121.83 has not been broken. Only a break below 121.83 will invalidate my bullish call and tell me, that the rally from 121.56 was and X-wave and that a new zig-zag combination lower towards 120.05 is to be expected. However, as long as important support stays intact, we might only be looking at a very deep wave ii of iii of 5, but if this is the case we should soon see a impulsive rally above 123.44 and more importantly a break above 124.50, which will confirm that wave iii of 5 is indeed developing towards 133.54.

EUR/NZD

We finally got the thrust out of the triangle and as expected it was towards the downside. I'm  looking for a continuation towards at least 1.5312 in wave iii of C, then wave iv of C towards 1.5535 and the final decline towards 1.5200 to finish the major expanded triangle that has been developing since September 2012. Once this expanded triangle is finished we should expect a very powerful rally.