Forex Trading Library

USDCHF Triple Zigzag To End Near 1.026

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The 1H timeframe for the USDCHF currency shows the final part of a large triple zigzag consisting of cycle sub-waves w-x-y-x-z.

Currently, there is a development of the actionary wave z of the cycle degree. The wave z most likely takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.

It is likely that the development of the primary intervening wave Ⓧ has ended. In which the price significantly decreased. Then the impulse moved higher in the first part of the actionary wave Ⓩ.

In the near future, the development of the final wave Ⓩ is likely in the form of a standard intermediate zigzag to 1.026. At that level, cycle wave z will be at 200% of previous actionary wave y.

According to an alternative scenario, the formation of the cycle wave z is fully completed. This was in the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. The final bullish wave Ⓨ ended in the form of a large double zigzag (W)-(X)-(Y) of the intermediate degree.

In the last section of the chart, a zigzag Ⓐ–Ⓑ-Ⓒ pattern is being formed in the market. Waves Ⓐ and Ⓑ have ended.

In the near future, the development of the primary impulse wave Ⓒ is likely. It could end at the price level of 0.947, where it will be equal to the first impulse wave Ⓐ.


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