It seems that for USDCNH, the market has completed an intervening wave x of a cycle degree. This saw the development of the initial part of a new zigzag pattern.
The bullish impulse wave Ⓐ of the primary degree consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5). Correction wave (4) has ended.
Thus, in the near future, with wave (5) going up, prices could rise to the level of 6.588.
An alternative scenario indicates an incomplete cycle intervening wave x.
As part of the final primary wave Ⓒ, which is a bearish impulse, the intermediate correction wave (4) in the form of a triple zigzag, has come to an end.
In the near future, the bearish impulse Ⓒ is likely to continue developing in the intermediate wave (5).
Bears could send the market to 6.28. At that level, wave Ⓒ will be at the 38.2% Fibonacci extension of wave Ⓐ.
