USDCHF Double Zigzag To Complete Wave X

By Orbex

The structure of the USDCHF pair suggests that the cycle wave y has ended. This was followed by the cycle intervening wave x.

The intervening wave x takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. Currently, there is a decrease in the price in the final wave Ⓨ. This takes the form of an intermediate double (W)-(X)-(Y) zigzag.

In the near future, the price could continue to move in the intermediate wave (Y) to the level of 0.913. At that level, wave x will be at 61.8% of wave y.

After the end of wave x, bulls can enter the market by starting to build the actionary wave z.

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. Perhaps it takes the form of a primary double Ⓐ-Ⓑ-Ⓒ zigzag.

Wave Ⓐ will take the form of a simple impulse and will end at the level of 0.946. This is where the actionary cycle wave y ended.

Then, after a slight correction, prices are likely to move higher in the impulse wave Ⓒ.

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Article by Orbex

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