4 Hour chart of $EUR/NZD is looking bullish for one more leg higher (see Daily and Weekly related ideas below). Rally from 1.386 wave ((W)) low to 1.5406 wave w high took the form of a double correction (w)-(x)-(y) where wave (w) ended at 1.4897, wave (x) ended at 1.479, and wave (y) of w completed at 1.5406. Wave x pullback is currently in progress towards 1.4837 - 1.492 before the rally resumes.
Alternative view suggests 1.5406 ended wave (w), and the pullback is correcting the entire rally from 1.386 low and can test as low as 1.445 - 1.463 before the rally resumes. Either way, as far as 1.386 level stays intact, expect the pair to resume rally one more leg higher after wave x correction is done in 3, 7, or 11 swing.
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Email hendra@elliottwave-forecast.com if you want to be in distribution list for Weekly, Daily, and 4 Hour Elliottwave Charts update for these 5 pairs (AUD/NZD, AUD/CAD, NZD/CAD, EUR/NZD, and EUR/CAD)
Alternative view suggests 1.5406 ended wave (w), and the pullback is correcting the entire rally from 1.386 low and can test as low as 1.445 - 1.463 before the rally resumes. Either way, as far as 1.386 level stays intact, expect the pair to resume rally one more leg higher after wave x correction is done in 3, 7, or 11 swing.
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Follow this pair & others at Twitter: cmellon1976
Website: elliottwave-for.../amember/go.php?r=2670&...
Email hendra@elliottwave-forecast.com if you want to be in distribution list for Weekly, Daily, and 4 Hour Elliottwave Charts update for these 5 pairs (AUD/NZD, AUD/CAD, NZD/CAD, EUR/NZD, and EUR/CAD)
