The current stock structure on the 1H timeframe hints at the formation of a bearish corrective trend. This takes the form of a cycle triple zigzag w-x-y-x-z.
On the chart we see the completed actionary wave y. This has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.
The final actionary wave z is currently under development. This could be a primary standard zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.
The primary wave Ⓐ ended in the form of an impulse (1)-(2)-(3)-(4)-(5). Also, the construction of the correction wave Ⓑ in the form of an intermediate double zigzag (W)-(X)-(Y) could come to an end. In the near future, prices could continue to fall in the primary wave Ⓒ near 50.80.
At that level, primary impulse wave Ⓒ will be at 161.8% of impulse Ⓐ.
Let’s consider another scenario in which the formation of the cycle intervening wave x continues.
The intervening wave x will likely take the form of a simple 3-wave zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.
The entire wave Ⓒ is similar to an ending diagonal of the intermediate degree. This assumption will be confirmed when the final sub-wave (5) is formed in the form of a minor zigzag ABC, as shown in the chart.
The final of the ending diagonal should be likely near 150.14. At that level, cycle intervening wave x will be at 38.2% of actionary wave y.
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