Elliott Wave View: NZDUSD Pullback In Progress

Short Term Elliott Wave view suggests that cycle from Oct 8 low (0.642) has ended at 0.697 high as black wave ((1)) at 12/04 peak. Pair is now in the process of correcting the rally from Oct 8 low in 3, 7, or 11 swing within black wave ((2)). Decline from 0.6968 is unfolding as a double three Elliott Wave structure where red wave W ended at 0.6852 and red wave X ended at 0.6911.

Internal of red wave W unfolded as a zigzag Elliott Wave structure where black wave ((a)) of W ended at 0.6915, black wave ((b)) of W ended at 0.6944, and black wave ((c)) of W ended at 0.6852. Up from there, red wave X of ((2)) ended at 0.691 as a double three Elliott Wave structure where black wave ((w)) of X ended at 0.6904, black wave ((x)) of X ended at 0.686, and black wave ((y)) of X ended at 0.6911.

Below from there red wave Y of blue wave (W) ended at 0.6777 low. While it stays above that level it should correct the cycle from 12/04 peak in the sequences in 3-7 or 11 swings in blue wave (X) and as long as the pivot at 0.69688 during that bounce stays intact we expect NZDUSD to extend lower again.