The current USDCHF structure hints at a bullish zigzag consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ.
Wave Ⓐ is a fully completed 5-wave impulse, whereas wave Ⓑ is an incomplete (A)-(B)-(C)-(D)-(E) triangle. The final wave (E) is shortly expected to complete wave Ⓑ.
We could see the pair decline in minor C near 0.962. The target is the lower triangle support connecting waves (A) and (C).
However, an alternative scenario should be considered. According to this, the formation of the triangle in wave Ⓑ is already fully complete.
If this hypothesis is correct, the current upside move is part of impulse wave Ⓒ. Within this wave, intermediate sub-waves (1) and (2) were constructed.
With waves (1) and (2) completed, we can expect the pair to form a 5-wave impulse. The minimum target is the 0.990 high reached by wave Ⓐ.
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