By Orbex
It seems that for USDCNH, the market has completed an intervening wave x of a cycle degree. This saw the development of the initial part of a new zigzag pattern.
The bullish impulse wave Ⓐ of the primary degree consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5). Correction wave (4) has ended.
Thus, in the near future, with wave (5) going up, prices could rise to the level of 6.588.
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An alternative scenario indicates an incomplete cycle intervening wave x.
As part of the final primary wave Ⓒ, which is a bearish impulse, the intermediate correction wave (4) in the form of a triple zigzag, has come to an end.
In the near future, the bearish impulse Ⓒ is likely to continue developing in the intermediate wave (5).
Bears could send the market to 6.28. At that level, wave Ⓒ will be at the 38.2% Fibonacci extension of wave Ⓐ.
By Orbex
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