USDCNH 5-Wave Impulse to Monthly Highs

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The USDCNH structure hints to the completion of a cycle wave correction b.

This is a bearish triple zigzag that consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The development of a new bullish trend hints at prices rising in a 5-wave impulse, with two-minute sub-waves complete.

It is likely that prices will move above 6.843. This was previously formed by the primary intervening wave Ⓧ.

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An alternative scenario shows that bearish correction b is not yet complete.

Intermediate impulse wave (A), which is the first part of the final wave Ⓩ of the primary degree, has recently ended.

We now see the formation of a bullish correction wave (B). We could expect this to end near 6.725. At that level, it will be at 61.8% of bearish impulse (A).

After completing this correction, we could see the depreciation in the intermediate wave (C) below the previous low of 6.531.

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