NZD/USD - Accelerating lower

NZD/USD accelerating lower

When the expanded triangle top broke on May 28 we knew that a important top was in place and that a strong downside pressure should be seen.

I have added the important 2x1 Gann line from the top as this should continue to act a strong resistance (I don't expected it to be tested any time soon thus) and I have added the 1x1 line from the intermediate bottom at 0.8623 as this should act as support. I do expect this line to be broken slightly by red wave iii and by red wave v before a larger correction is seen in wave iv.

Short term I expect resistance at 0.8440 will protect the upside for an acceleration lower towards 0.8239 as the next major support. That said only a break above 0.8477 will delay the downside pressure, but this outcome is by no means the preferred outcome.  

Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
Thomas
2014-05-28
phenomenal new service EWS, I have followed you for 18 months and the exceptional analysis continues unabated! I look forward to the daily updates focusing on the most interesting and potentially lucr...
Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane