In the long term, the USDCNH pair is building a double zigzag of the cycle degree w-x-y. In February, the bearish intervening wave x ended. This had the form a double zigzag Ⓦ-Ⓧ-Ⓨ of the primary degree.
It is assumed that the initial part of the actionary wave Y is being constructed on the last section of the chart. Perhaps it will take the form of a standard zigzag Ⓐ-Ⓑ-Ⓒ.
Now the first wave Ⓐ is being formed. This structure hints at an impulse (1)-(2)-(3)-(4)-(5). Recently, the sideways correction (4), which is a double three, has ended.
It is possible that the price will go up in impulse (5) approximately to 7.098. At that level, wave (5) will be at 123.6% of impulse (3).
Alternatively, the construction of a cycle intervening wave x could continue. This can be more complex and be a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
In this case, the primary intervening wave Ⓧ, which was an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z), has ended.
The final wave Ⓩ will be a standard zigzag, as shown in the chart. Its end is expected near 6.572. At that level, it will be at 76.4% of wave Ⓨ.
