GBPNZD Bulls Are Over Staying Their Welcome

The weekly chart above shows GBPNZD's entire decline from Aug 2015 high. The sell-off is a textbook Elliot Wave impulse pattern, labeled 1-2-3-4-5.

According to the theory, a three-wave retracement follows every impulse. Here, that three-wave rally has been unfolded as a W-X-Y-X-Z triple zigzag pattern. Wave (c) of Z is about to complete. I anticipate GBPNZD to find resistance at the 50% Fibonacci level that lined up with the weekly resistance zone.

If this count is correct, there is a complete 5-3 wave cycle on GBPNZD's weekly chart. According to the Elliott Wave theory, the trend can now be expected to resume in the direction of the impulsive sequence.

I think the bears might not have to wait too long to conquer November 2016 low and beyond.

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Thank you.
Veejahbee.