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ORBEX NZDJPY: Is 66.34 The End of The Complex Correction?
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It looks like the primary W,X,Y wave ended by the 66.34 low and now an impulsive, motive wave is starting, supporting the longer-term bullish cycle.
Primary Y wave reminds a zig-zag correction, and since the 2.618 FE of minor A,B was reached at 67.336 (with a false break just below at 66.34), chances of this turning and remaining bullish increase.
We could indeed see prices receiving a rejection at the 1.618 FE of minute v (which is only a projection so far anyway) at 71.233 but even then we should expect that to either a) become a short-term correction to 71.378 and continue higher for minor 5 near 76.233, or b) correct lower to either form a more complex corrective pattern or continue lower (given it breaks the previous low at 66.34). A decline could lead to 62 area levels.
In case prices slide lower, we could see a deeper correction down to 50-62% FR levels at 67-68 and still be bullish.
Should bulls take over soon once again, a break above 69.685 could validate a short-term upside move towards 71.00.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Primary Y wave reminds a zig-zag correction, and since the 2.618 FE of minor A,B was reached at 67.336 (with a false break just below at 66.34), chances of this turning and remaining bullish increase.
We could indeed see prices receiving a rejection at the 1.618 FE of minute v (which is only a projection so far anyway) at 71.233 but even then we should expect that to either a) become a short-term correction to 71.378 and continue higher for minor 5 near 76.233, or b) correct lower to either form a more complex corrective pattern or continue lower (given it breaks the previous low at 66.34). A decline could lead to 62 area levels.
In case prices slide lower, we could see a deeper correction down to 50-62% FR levels at 67-68 and still be bullish.
Should bulls take over soon once again, a break above 69.685 could validate a short-term upside move towards 71.00.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
注释
Deeper correction in place but the idea is still alive above 66.32注释
Could have correction ended at 67.20注释
66.25 will invalidate bulls
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