EURNZD: Elliott Wave Showing Incomplete Sequence

Hello Traders,

EURNZD short-term Elliott wave analysis suggests that the decline from 10/08/2018 peak is unfolding as Zigzag structure. Where a bounce to 1.7881 high ended black wave ((ii)), black wave ((iii)) ended in lesser degree 5 waves at 1.7528 low. Black wave ((iv)) ended at 1.7596 high. And black wave ((v)) ended at 1.7493 low which also completed the red wave 3. Up from there, a bounce to 1.7556 high ended red wave 4 bounce. Down from there, a decline to 1.7354 low ended red wave 5 & finally completed blue wave (A) in 5 waves impulse.

Above from there, a bounce to 1.7587 high ended blue wave (B) bounce. The internals of that bounce unfolded as double three structure where red wave W ended in 3 swings at 1.7534 high. Red wave X pullback ended at 1.7399 low and red wave Y ended in another lesser degree 3 waves at 1.7587 high.

Down from there, blue wave (C) remains in progress. Near-term, while below 1.7587 high expect bounces to fail in 3, 7 or 11 swings for more downside towards 1.7004-1.6642 100%-161.8% Fibonacci extension area of blue wave (A)-(B) to end the cycle from 10/08/2018 peak & finding buyers again. We prefer more downside against 1.7587 high.