Our confidence in the bearish count that first proposed last Friday is growing as the NZDUSD has weakened. We view the rally from .6639 to .8215 as a large expanded flat (A-B-C). Wave C of that rally is an ending diagonal (waves 1-2-3-4-5 are overlapping and each subdivide into 3 waves).
Bigger picture, .8215 may be the end of wave B from .5927. Price is expected to eventually come under .5927. We will discuss shorter term targets as the pattern evolves. Risk on shorts can be moved to .8173.
