(Click on image to enlarge)
The USDCHF pair seems to be forming a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The final wave Ⓩ is now under development.
The wave Ⓩ can end in the form of a standard intermediate zigzag (A)-(B)-(C). Wave (A) is a 5-wave bearish impulse, wave (B) has a horizontal internal structure of a double three W-X-Y.
Thus, the formation of the final intermediate wave (C) is likely in the near future. It is possible that it will be at 76.4% of impulse (A), and will end near 0.871.
(Click on image to enlarge)
Alternatively, the development of correction (B) could continue. Its structure is similar to the double three W-X-Y.
At the moment, the minor sub-waves W and X have ended. Both of these sub-waves are similar to double zigzags of the minute degree ⓦ-ⓧ-ⓨ.
To confirm this scenario, the last minor wave Y is needed. It can also be a minute double zigzag.
It is likely that the bulls will send the market to the level of 0.960, which is on the resistance line.
More By This Author:
Why Did USDJPY Move After Ueda Spoke In Parliament?
USOIL: We Are Waiting For The Continuation Of The Bullish Trend To The Price Level Of 90.64.
Intraday Analysis – USD Breaks Higher
Comments
Log in or sign up to join the conversation.