Technical summary:
The correction in wave (ii) has now exceeded the 70.7% corrective target and that opens the possibility of a 100% correction of wave (i). The correction in wave (ii) is a double zig-zag combination. If the second zig-zag is a fractal of the first zig-zag, then we should look for a bottom near 1.5000 as wave c of the second zig-zag will be 161.8% the length of wave a of the second zig-zag, but the risk of a 100% correction is now present. Only a break above minor resistance at 1.5200 and more importantly a break above resistance at 1.5394 will confirm that wave (ii) is over and wave (iii) is unfolding.
Trading recommendation:
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For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for February 17 - 2015 . Thanks for your support.
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