EURUSD: Double Zigzag Pattern Hints to Further Downside

0 1,849

The current EURUSD structure hints to a w-x-y-x-z pattern.

At his stage, the second intervening wave x of the triple combination is under development. The corrective wave x consists of waves Ⓦ-Ⓧ-Ⓨ and is a double zigzag.

With Ⓦ-Ⓧ completed we could conclude the last and final wave Ⓨ near 1.105 also within a zigzag formation.

At that level, the primary wave Ⓨ will be at 78.6% of primary wave Ⓦ.

forex eurusd

An alternative projection suggests that intervening wave x is a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, rather than a double zigzag.

If the hypothesis is correct, we could see a decline to end wave Ⓨ, and then correct towards wave Ⓧ near the 1.112 area.

Following the successful completion of the second intervening wave Ⓧ, prices could slide near 1.103.

This target is the 78.6% Fibonacci retracement of cycle degree wave y.

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