FX.co ★ Elliott wave analysis of EUR/NZD for September 23, 2016

Wave summary:

The break above 1.5330 has altered the count for wave [iv]. Instead of being complete at 1.5510 wave [iv] is turning into a triangle consolidation and needs a couple of squiggles more to completed the triangle, but once complete a final decline towards 1.4705 should be seen to complete the long-term corrective decline from 1.9023 and set the stage for a strong recovery.

Wave [c] of the triangle consolidation is currently unfolding and should ideally terminate at 1.5446 for wave [d] lower to 1.5211 and then the final wave [e] should make a mini rally to max. 1.5390 and the lower in wave [v] to 1.4705.

Trading recommendation:

Our stop at 1.5335 was hit. We will sell EUR again at 1.55440 with stop + reverse placed at 1.5515.