The USDCNH currency pair continues to form a bearish cycle correction b. It takes the form of a triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
At the time of writing, the final sub-wave is creating an intermediate (A)-(B)-(C) zigzag.
Intermediate impulse wave (A) has recently completed. The bullish correction wave (B) is likely to end near 6.62, taking the form of a small A-B-C zigzag.
At that level, wave (B) will be at 50% of impulse (A). After the full completion of wave (B), bears will lead the market in a downward direction in the final wave (C).
An alternative scenario shows that the intermediate correction (B) of the primary wave Ⓩ has already completed.
The final wave 5 is a 5-wave impulse, in which the fourth corrective wave of the minute degree has come to an end.
In the near term, a price decline in the fifth-minute wave to the 6.36 area is expected. At that level, minor wave 5 will be at 61.8% of wave 3.