The current USDCNH structure shows a completed bullish impulse consisting of primary waves ①-②-③-④-⑤. The 5-wave pattern is part of wave a of a cycle degree a-b-c formation.
Cycle wave b is a bearish zigzag consisting of waves Ⓐ, Ⓑ, and Ⓒ. Waves Ⓐ and Ⓑ are fully complete, whereas wave Ⓒ has just begun.
Since wave Ⓐ is a 5-wave impulse, we could see a 5-wave decline in wave Ⓒ near 6.981. At that level, the correction b wave will be at 61.8% of wave a.
In this case, all sub-waves are zigzags consisting of intermediate waves (A), (B), and (C).
If the hypothesis is correct, wave ④ could complete near 7.039. This is the low of wave (A). This could be followed by a final bullish zigzag above 7.197 – i.e. above wave ③.