USDCNH Has the Intervening Wave X Ended?

The USDCNH pair is forming the first part of a primary double zigzag. With the cycle intervening wave x ending, prices rose in wave Ⓦ.

The primary wave Ⓦ can take the form of a simple (A)-(B)-(C) zigzag of the intermediate degree. We can see the completed sub-waves (A) and (B), which are the impulse and the triple zigzag.

Currently, we see a slight increase, which suggests that the development of the final intermediate wave (C) could have begun. This could take the form of a minor impulse 1-2-3-4-5.

Usually, in zigzags, the impulsive sub-waves tend to be equal, so we can suggest that the wave (C) will end near 6.590.

It is possible that the formation of the bearish cycle intervening wave x is still ongoing. So let’s consider an alternative scenario.

Here we see that the final primary wave Ⓩ takes the form of an (A)-(B)-(C) zigzag. The first two parts of this zigzag look fully complete. Whereas the last intermediate impulse wave (C) is currently under construction, and its final part is the minor wave 5.

It is possible that in the near future the price will decline to the level of 6.306. At that level, wave (C) will be at 76.4% of wave (A).

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