Potential Bottom In USDZAR

USDZAR has entered range of previous small 4th wave triangle of one lesser degree (red rectangle on chart)

It is also the area of the top trend line of the rising wedge we broke out of in May .

USDZAR 9.4500-9.7000 Possible Target

9.4500-9.7000 area ( being area of previous small 4th wave triangle  and also in the area of the top of previous channel) is a possible target for the termination of wave 4

USDZAR Consolidation Continues

The correction in USDZAR has progressed in a more complicated fashion .One way to label it is an A-B-C correction with wave B taking the form of a triangle .Once C is complete we should get the long awaited final thrust to +-10.7000 area

Consolidation Ending in USDZAR

Price action suggest we may have bottomed in wave 4 this morning.Wave e ended with a 'throwunder' the triangle's lower boundary followed by a quick reversal .8 hourly bollinger bands have turned up and stochastics are trying to turn higher from oversold readings .A move above 10.3200 would complete the triangle .Targets are 10.7000-10.85000.A move below 9.9200 would weaken this scenario and below 9.8200 would negate it.

USDZAR Consolidating Before Terminal Thrust Higher

USDZAR looks to be consolidating in a wave 4 triangle .This setback looks like wave e and should hold above 9.8200. Once complete we should see a sharp move higher out of the triangle .The thrust target (the widest part of the triangle) is around 80 c , which will give a target of about 10.8000 depending on where wave e bottoms .10.8000 is also the top of a longer term parallel channel  so is an attractive target.This move should be terminal and once complete we should see  a larger pullback in USDZAR .Any move below 9.8200 now would invalidate the triangle and we would turn neutral.