I've been posting about the NZDUSD a lot lately and the shorts worked out good. However I can't emphasize enough that we are in an ending structure and that can extent many times. So keep an open mind at all times. We are seeing a classical reversal pattern and what's most important is that the 'third' leg lower after the first consolidation only made a slightly lower low. That's not a characteristic of a wave 3 and not even of that of a wave C. So I wouldn't be surprised to see a deeper correction either by means of an expanded flat or a reversal all together for another new high.
Nevertheless we trade what we see and the arrows are indicative but all show you to wait for a confirmation whether the move will be bullish or bearish. Below I will show two counts for both bearish and bullish outlook so you have an idea of how to anticipate once the market starts to show an impulse. (not a move but an impulse followed by a consolidation)
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bearish scenario
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bullish scenario
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WaqasRaja
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This analysis is gold .. a good lesson that we should always keep an open mind and let price show us what it wants to do. Too easy to be swayed by our biases and make mistakes. Bravo!