By Orbex
It is assumed that according to AUDUSD, the development of a bearish intervening wave x of the cycle degree occurs. It hints at a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Apparently, at the time of writing, a bullish intervening wave Ⓧ is in the process of formation, which can take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). In the current chart, we can see the end of the second intermediate intervening wave (X).
Prices could rise to the level of 0.754. This is where the primary wave Ⓧ will be at 61.8% of primary wave Ⓨ.
After reaching the specified level, the price could fall in the primary wave Ⓩ below the minimum of 0.699 marked by the wave Ⓨ.
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An alternative option shows the formation of the primary intervening wave Ⓧ has already completely come to an end. It took the form of an intermediate double zigzag.
Now the market is in the final part of the primary wave Ⓩ. Most likely, this wave is a double zigzag (W)-(X)-(Y).
At the level of 0.676, primary wave Ⓩ will be at 100% of wave Ⓨ. After reaching this level, the cycle intervening wave x will end.
Then prices could rise within the cycle wave z above the maximum of 0.755. This is should by the primary intervening wave Ⓧ.
Article by Orbex
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