Similar to recently, we can see the formation of a large triple zigzag of the cycle degree.
Since the beginning of April 2021, after the completion of the second intervening wave x, we have seen a decline in the price. Perhaps the primary impulse wave Ⓐ was complete, which initiated the zig-zag wave z.
In the short term, we could expect the formation of an intermediate zigzag consisting of sub-waves (A)-(B)-(C), as shown in the chart. The completion is expected near 0.937. At that level, primary correction Ⓑ will be at 76.4% of impulse Ⓐ.
Then we could expect an impulse market decline in the primary wave Ⓒ below the minimum of 0.887.
According to the alternative, the development of the primary impulse wave Ⓐ is still ongoing.
It seems that at the moment only the first three parts of wave Ⓐ are complete. If this is the case, then in the near future we will see a slight increase in the intermediate wave (4). After which the price will continue to fall within the intermediate wave (5).
Most likely, the intermediate wave (5) could complete near 0.892. At that level, the specified wave will be at 76.4% of intermediate impulse (3).Test your strategy on how the CHF will fare with Orbex - Open Your Account Now.