Short Term view in NZDUSD suggests the decline from September 4, 2021 peak unfolded as a 5 waves impulse Elliott Wave structure. Down from September 4, wave 1 ended at 0.699. Wave 2 correction ended at 0.7093 with internal subdivision unfolding as an expanded Flat structure. Up from wave 1, wave ((a)) ended at 0.7056 and pullback in wave ((b)) ended at 0.6978. Pair then extended higher in wave ((c)) of 2 towards 0.7093. Pair has turned lower in wave 3 with internal subdivision as a 5 waves impulse structure.
Down from wave 2, wave (i) ended at 0.7057 and bounce in wave (ii) ended at 0.7074. Pair extends lower in wave (iii) towards 0.6994, bounce in wave (iv) ended at 0.7033, and final leg lower wave (v) of ((i)) has ended at 0.698. Wave ((ii)) correction is currently in progress to correct cycle from September 23 peak in 3, 7 ,or 11 swing before the decline resumes. Up from wave ((i)), wave (a) ended at 0.7021 and pullback in wave (b) ended at 0.699. Potential target for wave (c) of ((ii)) is 100% – 161.8% of wave (a) towards 0.7027 – 0.7047. Afterwards, pair should extend lower. As far as September 23 high pivot at 0.7093 remains intact, expect rally to fail in 3, 7, or 11 swing for further downside.
