Forex Trading Library

USDCHF Zigzag in Final Cycle Wave z

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The current USDCHF structure on the 1-hour timeframe shows the final part of a large triple zigzag consisting of cycle sub-waves w-x-y-x-z.

The intervening wave x, which is a double zigzag Ⓦ-Ⓧ-Ⓨ, has recently come to an end.

The next wave z will likely be a standard zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.

In the next coming trading days, the development of sub-waves Ⓐ-Ⓑ-Ⓒ, as shown on the chart, near 1.023 is likely.

At that level, cycle wave z will be at 76.4% of previous actionary wave y.

 

Alternatively, the construction of the bearish intervening wave x has not yet ended. This wave can be more complex and can be a triple zigzag rather than a double zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

It is possible that the wave Ⓩ will strive for equality with the previous actionary wave Ⓨ, and therefore its end is possible near the level of 0.917.

Test your strategy on how the USD will fare with Orbex 

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