Forex Trading Library

EURUSD: The First Part Of The Double ZigZag Pattern Is Completed!

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Chart of EURUSD

The EURUSD pair eyes the construction of a cycle correction IV. Most likely, it takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

The final actionary wave Ⓨ could be in the process of development, taking the form of an intermediate double zigzag (W)-(X)-(Y).

Recently, a complex intervening wave (X) could end in the form of a minor triple zigzag. Now an intermediate wave (Y) is being formed, which could take the form of a double zigzag W-X-Y. A bullish movement is expected to 1.121. At that level, waves (W)-(Y) will be equal.

Chart of EURUSD

The second scenario shows that the entire cycle correction IV has already been fully completed.

In the last section of the chart, the development of the initial part of a new bearish trend could occur. Perhaps the beginning of the impulse is being built, which will consist of primary waves ①-②-③-④-⑤.

The primary correction ② looks completed with a double zigzag. Thus, prices could decline in impulse ③ below the minimum of 1.051.

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