EURNZD Long-term Long Scenario

Price has created an inverse head and shoulders pattern with the first impulse and corrective waves (1 and 2) having been completed, respecting the first rule of the Elliott Wave Principle. We have predicted the current trend to be of the 1st impulse wave of the 3rd wave of a higher degree. This 1st impulse is in its 4th (corrective) wave which could give us a horizontal triangle A-B-C-D-E or a classical A-B-C structure. We will be looking for short positions in the medium term.