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The first thing I have some confidence in for this wave count is the structure of primary wave 1 downwards as a five. This indicates a trend change at the high of 0.88435.
Primary wave 1 subdivides as a leading expanding diagonal (albeit with a shorter than expected fifth wave). Leading diagonals in first wave positions are commonly followed by very deep second wave corrections. Primary wave 2 is likely to be over now as a deep 93% correction of primary wave 1.
Primary wave 2 subdivides as a double zigzag. The second zigzag has deepened the correction and primary wave 2 slopes upwards.
I have drawn a best fit channel about primary wave 2. When this channel is breached by a full weekly candlestick below the lower trend line and not touching it, then I would have full and final confidence that the Kiwi should move to new lows. At that stage a third wave would be underway.
At 0.63631 primary wave 3 would reach 1.618 the length of primary wave 1.
Primary wave 2 may not move beyond the start of primary wave 1 above 0.88435.
The daily chart shows the structure within the end of intermediate wave (Y) of primary wave 2.
Minor wave C is again a complete five wave impulse. The channel drawn about minor wave C is using Elliott’s second technique, and the channel is very clearly breached by downwards movement. This indicates minor wave C is over and the next wave is underway.
The downwards movement which breached the channel also subdivides nicely as a five wave impulse on the daily chart. This supports the wave count and indicates a new downwards wave has begun which is incomplete.
Within minor wave 1 downwards minute wave i is complete. I would expect to now see a correction for minute wave ii which may be deep enough to find resistance at the lower edge of the channel containing minor wave C. Once this throwback is complete then I would expect to see a strong third wave downwards.
Minute wave i lasted 17 days. I would expect minute wave ii to last about the same.
Minute wave ii may not move beyond the start of minute wave i above 0.87796.