Elliott wave Analysis: NZDUSD Is Recovering Sharply, While Oil Goes With The Bears
NZDUSD has turned up last week, exactly from the lower trendline support of a wedge pattern which appears completed now after a nice breakout. Recovery was also sharp so it looks like a part of an uptrend that may resume to 0.661 or even 0.665 area.
Now we see price unfolding leg c or three, so more upside is in store.
Crude oil made a sharp drop in the last couple of days, which we now see it as sub-wave 3) of three. Possible support for sub-wave 3) can be seen around the Fibonacci ratio of 200.0 (51.00 area), where bears may temporarily slow down, and a three-wave pullback may follow. We are talking about a wave 4) pause within the downtrend, which can later stop around the 53.40/54.00 area.
In case price makes a much deeper pullback, above the 54.00 area, then likely energy is trading in a wave four of a higher degree.
Crude oil, 4h
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