Forex Trading Library

USDCAD 1.402 To Complete Global Correction

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The current USDCAD timeframe shows the internal structure of a large correction pattern, similar to a cycle triple zigzag w-x-y-x-z.

The final wave z takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ have ended.

Thus, the last actionary primary wave Ⓨ could be in the process of construction at the moment.

This could end in the form of a double zigzag (W)-(X)-(Y) near 1.402. At that level, cycle wave z will be at 161.8% of cycle wave y.

According to an alternative, the formation of a cycle triple zigzag could be fully completed. Therefore, now we could see the construction of the initial part of a new bearish trend.

Now, the construction of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is beginning in a larger correction pattern.

It is likely that the primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ have already been built.

In the near future, the formation of a bearish primary wave Ⓩ could take the standard zigzag shape (A)-(B)-(C) and end near 1.311. At that level, it will be equal to primary wave Ⓩ.

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