The current structure of the USDCNH currency pair suggests the development of a large intervening wave x of the cycle degree. It is a primary double zigzag Ⓦ-Ⓧ-Ⓨ. The final primary wave Ⓨ is currently under construction.
Apparently, wave Ⓨ takes the form of a triple combination (W)-(X)-(Y)-(X)-(Z). In early November, the intermediate wave (X) ended, consisting of three main sub-waves W-X-Y.
Currently, minor sub-waves W and X, which form an intermediate double zigzag (Z), have ended. To complete it, sub-wave Y is needed.
A decline in the downward trend is expected to the 6.319 area. At that level, wave (Z) will be at 76.4% of wave (Y).
An alternative scenario hints at a complete cycle intervening wave x. Here it has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, its final wave Ⓨ is a double zigzag (W)-(X)-(Y) of the intermediate degree, where the actionary wave (Y) is a minor triple zigzag.
We could then see the formation of the initial part of the final wave z of the cycle degree.
It is likely that prices will rise to the previous high which was 6.488. This is shown by the intervening wave (X) of the intermediate degree.
