AND/NZD - Corrective Bottom should be seen near 1.0600
The corrective decline in wave ii has extended, but should be close to completion. Ideally a corrective low will be seen near 1.0600 as a minor ending diagonal has been unfolding May 10 and this ending diagonal is coming to an end.
The first good indication that a low is in place is seen upon a break above 1.0702 which will confirm a quick rally back to the origin of the ending diagonal in about half the time it to for the ending diagonal to build.
However, the longer term picture calls for much more upside progress should be seen in the weeks and months ahead.
The above scenario is my preferred count and stays valid as long as important support at 1.0573 protects the downside. Should an unexpected break below this support be seen, that would shift to the alternate count call for a little more downside in wave C of a zig-zag correction from 1.1683. The ideal target for wave C will be seen at 1.0149 from where the next impulsive rally should be seen. It's important to emphasize that the alternate count only becomes the preferred count, if important support at 1.0573 is broken.
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