Post by: PocketOption on Apr 26, 2022, 08:47 pm
The current USDCHF structure suggests that the cycle wave y is fully complete, followed by a cycle intervening wave x.
The intervening wave x has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. Currently, actionary wave z of the cycle degree is developing. The wave z most likely takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
It is likely that in the upcoming trading weeks, the price will creep up in the primary sub-waves Ⓨ-Ⓧ-Ⓩ, as shown on the chart. Quotes can rise to 0.972. At that level, cycle waves z and y will be equal.
According to an alternative scenario, the cycle wave z is fully complete, taking the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. In fact, its internal structure is much larger than in the first one.
The last primary wave Ⓨ has the form of an intermediate double zigzag and looks fully formed. Thus, in the near future, we can expect a market reversal and the beginning of a downward price movement in a new trend.
The first target, where bears can take a course, is the 0.909 low, marked by the primary intervening wave Ⓧ.
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The post USDCHF Bullish Triple Zigzag Nears Completion appeared first on Orbex Forex Trading Blog.
Source: USDCHF Bullish Triple Zigzag Nears Completion (https://www.orbex.com/blog/en/2022/04/usdchf-bullish-triple-zigzag-nears-completion)