GBP/NZD - Important long term bottom likely in place at 1.9616

GBP/NZD - Importnat long term bottom likely in place at 1.9616

GBP/NZD an important long term bottom is likely in place at 1.9616 

The correction in red wave ii from 2.1055 likely ended at 1.9616. This correction in red wave ii has been a very deep, but simple zig-zag in line with the other corrections that has been seen in the second wave since the long term low at 1.7707.

I will now be looking for a break above 2.0000 to confirm that we did indeed see an important bottom with the test of 1.9616 and a new strong rally higher to 2.1055 and above here will confirm a continuation higher in red wave iii towards at least 2.3400.

At no point can a break below the origin of red wave i at 1.9363 be accepted, as that would invalidate this bullish count and would call for a decline to strong support at 1.8860.   

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Talking about your recent Brent & WTI analysis.
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