USDZAR wave 4 or new wave 1 & 2

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U.S. Dollar / South African Rand (OANDA:USDZAR)

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OANDA:USDZAR U.S. Dollar / South African Rand

This is looking more like a wave 4 setup of the preceding bearish trend from 17.210 - 16.364 but the daily TF is showing a bullish divergence, which was confirmed by the 5 waves upward thrust from 16.080 - 17.210. This is a cross road at the moment, so I will advise we just follow the direction of the arrow for now since both wave 4 idea and wave 1& 2 ideas both correspond with the immediate analysis.

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