NZD/USD just finished the motive wave of the first leg
following the weakening of the dollar new up trend has started and now we r looking at the end of the motive waves of first cycle,
(small red letters) and correction is starting showing divergence on RSI.
so cose its the first wave retrace needs to be more steeper and thats why i choose butterfly.
(no it cant be crab cose point "a" needs to retrace at least to the peak of wave 3 and that retrace makes it long enough not to be crab)
but depends of what kind of abc will form and will it be beginning of a cycle or just another sideways correction.
need others thoughts in comment section...
(small red letters) and correction is starting showing divergence on RSI.
so cose its the first wave retrace needs to be more steeper and thats why i choose butterfly.
(no it cant be crab cose point "a" needs to retrace at least to the peak of wave 3 and that retrace makes it long enough not to be crab)
but depends of what kind of abc will form and will it be beginning of a cycle or just another sideways correction.
need others thoughts in comment section...
explained in next chart!!