A look at the USDCNH pair shows a primary zigzag Ⓐ-Ⓑ-Ⓒ pattern. In the long term, this seems to be forming a large correction IV of the cycle degree.
The final primary wave Ⓒ takes the form of an intermediate (1)-(2)-(3)-(4)-(5) impulse.
The last intermediate wave (5) will take the form of a minor impulse 1-2-3-4-5. For its full completion, a sub-wave 5 is needed. The growth in this wave could continue to 7.097.
At that level, sub-wave (5) will be at 100% of wave (3).
An alternative scenario shows that the construction of the entire cycle correction IV has already ended. It took the form not of a simple zigzag, but of a double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ.
If this assumption is correct, then prices could move lower and form the final cycle wave V.
Most likely, the wave V will have the form of a primary impulse, as shown in the chart. And it will finish its pattern near 6.572. At that level, sub-wave V will be at 50% of impulse III.
