NZDUSD Simple Or Double Zigzag?

On the 1H timeframe of the NZDUSD currency pair, the cycle wave w was complete. Then the formation of a descending corrective figure began.

Now a primary double zigzag Ⓦ-Ⓧ-Ⓨ is under construction, where the first actionary wave Ⓦ has come to an end. The first part of the primary intervening wave Ⓧ is also complete, which is a zigzag (W) of the intermediate degree.

In the short term, the price is likely to decline slightly in the intermediate intervening wave (X). Then the price could rise in the final wave (Y) to the area of the price level of 0.734.

At that level, wave Ⓧ will be at 76.4% of wave Ⓦ.

The alternative scenario suggests that the primary wave Ⓧ has a simple zigzag structure and is already fully formed.

If this is the case, then in the next coming trading days we could see a price decline within the primary wave Ⓨ.

Finally, bears could move the prices to 0.683, where wave Ⓨ will be at 76.4% of wave Ⓦ.

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