By Orbex
The structure of USDCHF hints that at the end of November, the actionary wave y of the cycle degree ended. This was followed by a cycle intervening wave x.
The intervening wave x takes the form of a primary triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag. Currently, there is a decrease in the price in the final wave Ⓩ, which takes the form of an intermediate double (W)-(X)-(Y) zigzag.
In the near future, the intermediate wave (Y) could end at the level of 0.904, as shown on the chart. 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.
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According to an alternative scenario, the formation of the cycle intervening wave x is fully complete. Now we are seeing a price increase and the development of a cycle wave z.
The intervening wave Ⓧ took the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z). The final actionary wave Ⓨ can likely be a double (W)-(X)-(Y) zigzag.
The intermediate wave (Y) could end at the 0.952 area. At that level, cycle waves z and y will be equal.
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Article by Orbex
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