Has the formation of a bullish primary impulse been completed?

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A closer look at the 1H timeframe shows that the NZDUSD market has already completed the formation of a cycle actionary wave y.

NZDUSD

Thus, in the last section of the chart, we can see the formation of a new bullish trend. Most likely, there is a construction of the primary wave Ⓐ, which may take the form of an impulse of the intermediate degree (1)-(2)-(3)-(4)-(5). An approximate scheme of possible future movement is shown on the chart.

It is assumed that the bulls will push the market to 0.662. At that level, intermediate wave (5) will be at 61.8% of intermediate impulse wave (3).

NZDUSD

An alternative scenario suggests that the primary wave Ⓐ is fully completed. This is an intermediate impulse (1)-(2)-(3)-(4)-(5).

Thus, the beginning of a bearish correction Ⓑ is expected in the near future, which is the second part of the expected zigzag Ⓐ-Ⓑ-Ⓒ.

Most likely, the price in a potential correction Ⓑ will fall to 0.601. At that level, it will be at 50% of primary impulse Ⓐ.

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