USDCAD 1.402 To Complete Global Correction

[PocketOption]

USDCAD 1.402 To Complete Global Correction

The current USDCAD timeframe shows the internal structure of a large correction pattern, similar to a cycle triple zigzag w-x-y-x-z.

The final wave z takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ have ended.

Thus, the last actionary primary wave Ⓨ could be in the process of construction at the moment.

This could end in the form of a double zigzag (W)-(X)-(Y) near 1.402. At that level, cycle wave z will be at 161.8% of cycle wave y.

According to an alternative, the formation of a cycle triple zigzag could be fully completed. Therefore, now we could see the construction of the initial part of a new bearish trend.

Now, the construction of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is beginning in a larger correction pattern.

It is likely that the primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ have already been built.

In the near future, the formation of a bearish primary wave Ⓩ could take the standard zigzag shape (A)-(B)-(C) and end near 1.311. At that level, it will be equal to primary wave Ⓩ.

The post USDCAD 1.402 To Complete Global Correction appeared first on Orbex Forex Trading Blog.

Source: USDCAD 1.402 To Complete Global Correction