$NZD/CAD Weekly Elliottwave: Multi month decline to 0.78

11 May 2015

Rally to 0.9628 completed wave (w). From this level, pair is doing a wave (x) pullback which takes the form of a double correction (i.e. w-x-y) and has a multi-month target of 0.697 - 0.789..Wave w is unfolding in double corrective structure ((W))-((X))-((Y)) where wave ((W)) ended at 0.8617, wave ((X)) ended at 0.96195, and wave ((Y)) of w is currently in progress towards 0.837 - 0.8608. Upon completion of wave w, pair is expected to bounce in wave x to correct the cycle from wave (w) high before turning one more leg lower to complete wave (x) pullback towards 0.697 - 0.789. From this level, expect buyers to appear for at least 3 waves higher.

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