USDCHF Bullish Or Bearish Double Zigzag?

By Orbex

The USDCHF pair shows the actionary wave y of the cycle degree ended and then the cycle intervening wave x emerged.

Judging by the internal structure, the cycle intervening wave x can take the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The sub-waves Ⓧ-Ⓨ-Ⓧ already look finished. Currently, there is a decrease in the price in the final wave Ⓩ. This takes the form of an intermediate double zigzag (W)-(X)-(Y).

In the near future, wave Ⓩ could continue to move to the level of 0.904. At that level, wave x will be at 76.4% of wave y.

After the end of wave x, bulls can update the previous high of 0.937, marked by the intervening wave y.

The second option hints at a price increase. According to this view, the formation of the cycle intervening wave x is fully complete. It has the form of a triple zigzag of the primary degree.

After the end of the reactionary intervening wave x, we saw the price rise and the development of the cycle wave z. Perhaps it takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

An intermediate triple zigzag ended within wave Ⓦ and the intervening wave Ⓧ. The final actionary wave Ⓨ can take the form of a double zigzag (W)-(X)-(Y).

In the near future, prices could rise in the intermediate wave (Y) to the level of 0.952, where cycle waves z and y will be equal.

Article by Orbex

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