Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

I'm looking for a decline in wave 2 towards the ideal target at 118.73. Since the top of wave 1 at 133.81 we have seen a zig-zag correction as wave-w interrupted by an x-wave and ideally we are in wave y down towards at least 123.75, where the ongoing wave y will be equal to wave w. That said we will have to consider an alternative count, in which the x-wave is not over yet. In this alternative Count, the rally from 127.62 to 131.31 only was wave a of the x-wave. The decline from 131.31 to 124.95 was wave b of the x-wave and we are just entering wave c of the x-wave for a rally towards 132.51. If this count is to become my top Count, we will need a break above 128.17. If however, resistance at 128.17 protects the upside for a break below 126.15 and more importantly below 124.96, then we can be sure, that the x-wave did end at 131.31 and wave y is ongoing for a decline towards 123.75 and possibly lower.

EUR/NZD

I'm still looking for black wave iv down to the ideal target at 163.99. Since the top of black wave iii at 1.7109 we have seen a three wave decline to 1.6537, which was wave w and the following rally to 1.6913 was an x-wave and we are now in the second zig-zag lower. Of this second zig-zag we have seen the a-wave and are currently in the b-wave and the question here is, if this b-wave ended at 1.6599 or we need a little more upside towards 1.6658 and maybe even to 1.6719 before the final c-wave lower to 1.6399 is ready to take over? I think that we would see a little more upside before the final c-wave to 1.6399 can take over.