Analysis for March 9th, 2012
NZD/USD
It looks like wave
[1] has been completed
reduced. Currently the correction is taking place. The formation of wave
[2] may take several days. After that we can expect the price to start falling down while forming the third wave.
Wave
(5) of [1] was a bit short and didn’t reach the minimum of the third one. Right now the correction is taking place. We may assume that wave
[2] is taking the form of
zigzag pattern. Most likely, the price will continue forming the second wave during the next several days.
EUR/USD
It looks like the price is forming wave
[2] at the moment. The correction may take several days. The forecast of the price movement is still bearish. In the future we can expect the price to start moving downwards while forming the third wave.
More detailed wave structure is shown on the H1 chart. Wave
3 of (1) has been completed
extended. At the moment the price is forming wave
B inside wave
(2). In the near term, we can expect a local growth of the price in wave
C of (2).