NZDJPY Elliott Wave Forecasting The Path: Zig Zag Pattern

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of  NZDJPY published in members area of the website.  NZDJPY has given us recently ((x)) connector that unfolded as Elliott Wave Zig Zag pattern.  Pull back completed right at the extreme zone as we expected. In the further text we are going to explain the Elliott Wave Forecast.

NZDJPY  Elliott Wave 1  Hour  Chart 04.20.2023

We are calling cycle from the 83.90 still in progress. We got 5 waves decline from the mentioned peak which suggests we ended only first leg of the correction. Wave (b) was deep recovery, however as far as the price stays below 83.72 high, we still expect to see another wave down which should also unfold as 5 waves.   More precisely we are now in wave iii of (c) of ((x)). The pair is targeting 81.95-81.52 area. As our members know we target get by Fibonacci extension tool. Mentioned zone is equal legs area from the 83.90 peak

You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.


NZDJPY  Elliott Wave 1  Hour  Chart 04.25.2023

The pairs has given us decline toward proposed area. However at this moment (c) leg shows incomplete sequences. The pair is missing another wave down so we can count clear 5 waves in (c) blue wave. While below 83.05 high, we assume iv red is competed there and wave v is in progress. More precise target zone for wave v red would be inverse 1.236-1.618 fib ext of wave iv that comes at 81.69-81.27 area.

NZDJPY  Elliott Wave 1  Hour  Chart 04.28.2023

NZDJPY made another leg down as proposed toward 81.69-81.27 area . Wave ((x)) connector completed at 81.54 low. The pair has found buyers and made very good reaction higher as we expected. As far as 81.5 pivot holds, more upside can be seen in the pair.
Keep in mind that market is dynamic and presented view could have changed in the mean time.  You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room