EURNZD 10.09.2013

Hi all :) 

I'd like to share with you my view on EURNZD 

  

IMHO, EURNZD experienced a "Running Flat" Wave IV, with a-b-c 3-3-5 structure. wave c is almost equal wave a within Running Flat. Overall, wave IV correct 38.2 of Wave III. More importantly, in this scenario, we clearly see divergence between wave III and V - very typical for impulsive wave structure, i consider this divergence as confirmation for this count. 

http://d.pr/i/NnMx

So IMO, EURNZD is correcting the whole advance from 1.5080. In term of price magnitude, market has retraced 38.2%, down to previous wave IV level - an ideal area to end correction. But in term of time magnitude, 8 down days are not enough to correct 100 days advance. So i assume the decline 1.7275 is the A leg within bigger A-B-C zigzag correction


Please comment on this. Thank you. 

Supaman_fx

Duc

(written on 08.09.2013 - 2 days ago. Repost)