Since the 2012 ultimo low at 7.1003 we have seen a zig-zag combination and has likely just ended the second zig-zag at 8.5453. I think we will see a triple zig-zag combination, which means I will be looking for a x-wave correction towards 8.1841 followed the third zig-zag higher towards 8.6389 and perhaps higher towards 9.0021 before a new impulsive decline should be expected.
The overall Picture does resemble that of EUR/NOK and then the is a major difference in their counts. The best way to count this cross is, that a wave 5 low was see already by mid-February 2011 at 8.6906 and since then an expanded flat correction has been ongoing. We are currently in wave C of the expanded flat correction, which ideally will end near 9.8837, close to the 50% correction target of the 2009 to 201 decline from a high of 11.7879 to a low of 8.1731. That said we should expect strong resistance at 38.2% correction target at 9.5656.
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