14 Sep

USDCNH Double WXY Zigzag To End Cycle?

September 14, 2021

By Orbex

The USDCHN currency pair has completed an intervening wave x of a cycle degree. Now we can see the initial part of a new zigzag pattern.

Perhaps now we are in a bullish impulse wave Ⓐ of the primary degree, in the intermediate sub-waves (1)-(2)-(3)-(4)-(5). The intermediate correction wave (4) has ended as a double W-X-Y zigzag.

Thus, in the near future, with wave (5) going up, prices could rise above the level of 6.588, at the primary correction wave Ⓑ. At that level, minor wave 3 is likely to end, as shown in the chart.

USDCNH

Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter




An alternative scenario indicates an incomplete cycle intervening wave x. It takes the form of a double zigzag Ⓦ-Ⓧ-Ⓨ.

Apparently, as part of the final primary wave Ⓨ, which also looks like a double zigzag of a smaller wave level, the intermediate intervening wave (X) in the form of a triple zigzag has come to an end.

In the near future, analysts expect the market to continue declining in the actionary wave (Y). This wave is only half-complete.

Additionally, the bears can send the market to 6.29. At that level, wave (Y) will be at the 100% Fibonacci extension of wave (W).

Orbex-LogoArticle by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com


investmacro products link




Financial News Forex and Currency News