forex.pm forex forum binary options trade - Forex - USDCHF Final Leg of Ending Diagonal Underway
  • Welcome to forex.pm forex forum binary options trade. Please login or sign up.
 

USDCHF Final Leg of Ending Diagonal Underway

Started by PocketOption, Oct 30, 2022, 07:47 am

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

PocketOption

USDCHF Final Leg of Ending Diagonal Underway


On the 1H timeframe, the USDCHF pair shows the final part of a large double zigzag consisting of cycle sub-waves w-x-y. The price decline in the cycle wave y, which is the primary standard zigzag, has ended.


Currently, the initial part of a new corrective trend is developing. This a standard 3-wave Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.


The first two sub-waves Ⓐ-Ⓑ have ended, so growth is expected to 1.0096 in the final impulse Ⓒ. This takes the form of an ending diagonal 1-2-3-4-5, as shown in the chart.


At that level, wave Ⓒ will be at 123.6% of first impulse Ⓐ.



Alternatively, the cycle pattern could take a more complex triple zigzag w-x-y-x-z pattern.


If this option is confirmed, we will see a decrease in the price in the final sub-wave z.


It is possible that the wave z will be at 123.6% of wave y and will end its pattern near 0.931. The first primary sub-wave Ⓐ could end at a minimum of 0.947.


Trading the news requires access to extensive market research - and that's what we do best. Open your Orbex account now.


The post USDCHF Final Leg of Ending Diagonal Underway appeared first on Orbex Forex Trading Blog.


Source: USDCHF Final Leg of Ending Diagonal Underway