$GBP/NZD Short Term Elliott Wave Analysis 7.10.2015

Decline from 2.347 is taking the form of impulsive 5 waves where wave ((i)) ended at 2.314, wave ((ii)) ended at 2.33, wave ((iii)) ended at 2.27, wave ((iv)) ended at 2.295, and wave ((v)) is in progress towards 2.253 – 2.26 to complete wave A. From this area, the pair is expected to bounce in wave B to correct the decline from 2.347 before the decline resumes. We don’t like buying the proposed wave B bounce. As far as 1.2347 pivot is intact during the bounce, we expect the pair to turn lower at least for 1 more leg.

GBPNZD 6020150709211512

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