5 waves down are already complete in the NZDUSD and a corrective advance is underway now. Wave A of an A-B-C correction is likely complete at .7159. However, notice that the rally is in 3 waves itself. This means that a flat is probably underway.
In a flat, wave B retraces a good deal of wave A (sometimes 100% of wave A). Expect a choppy decline in wave B, perhaps as deep as .6950 or lower over the next few days before a strong wave C rally begins.
