USDCNH Double Zigzag Breaks New Lows
(Click on image to enlarge)
In the long term, the USDCNH pair could form a bearish double zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ.
On the current chart, we see the internal structure of the intervening wave Ⓧ. Most likely, it takes the form of an intermediate double zigzag, in which the first two parts are completed.
The final actionary wave (Y) could end in the form of a standard A-B-C zigzag near 7.400. At that level, third and fifth waves of the minute degree will be equal.
(Click on image to enlarge)
Alternatively, the minute fifth wave could be much shorter than in the main version. In the near future, after the completion of this wave, a market reversal could occur.
After the primary intervening wave Ⓧ is completed, we can observe the price drop and the development of the primary actionary wave Ⓨ.
The price, along with the wave Ⓨ going down, could fall to a minimum of 6.809, or even lower.
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