A possible wave count scenario for EURNZD , considering an impulsive wave commencing Feb 2017.
We may presently be at
1. Wave 4
2. Wave b
3. Within some form of corrective structure developing.
You won't know what this structure will be - either expanded flat, triangle or worse a combination. Drawn is a triangle.
If we have established wave A , then could look for .382- .618 retracement for the completion of B wave.
The C wave would then be 5 waves down to complete the 4th wave.
Then look for the next leg up in 5 intermediate waves to complete the 5th Primary wave. :)
We may presently be at
1. Wave 4
2. Wave b
3. Within some form of corrective structure developing.
You won't know what this structure will be - either expanded flat, triangle or worse a combination. Drawn is a triangle.
If we have established wave A , then could look for .382- .618 retracement for the completion of B wave.
The C wave would then be 5 waves down to complete the 4th wave.
Then look for the next leg up in 5 intermediate waves to complete the 5th Primary wave. :)