The USDCNH pair is building a double zigzag w-x-y of the cycle degree. On the current chart, we see that the intervening wave x has ended in the form of 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. Most likely it takes the form of a leading diagonal.
The price in the last intermediate wave (5) could rise to 7.077. At that level, wave (5) will be at 123.6% of impulse (3).
Let’s consider an option in which the construction of the cycle intervening wave x will continue. It could take the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
In this case, the primary intervening wave Ⓧ, which has the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z), could end.
It is possible that Ⓩ will take the form of a standard zigzag, as shown in the chart. Its end is expected near 6.650. At that level, it will be at 76.4% of wave Ⓨ.
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