USDCHF Triple Zigzag Opens New Lows!
On the 1H timeframe for the USDCHF pair, we see the final part of a large double zigzag consisting of cycle sub-waves w-x-y.
The price decline in the cycle wave y, which is a primary standard zigzag, has recently ended. Currently, the initial part of a new corrective trend is developing.
It is assumed that a standard 3-wave zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree is under construction.
It is likely that the first two sub-waves Ⓐ-Ⓑ are completed. So an increase in impulse Ⓒ is likely to 1.0096.
At that level, wave Ⓒ will be at 123.6% of first impulse Ⓐ.
Alternatively, the cycle pattern could take a more complex form, that is, a triple zigzag w-x-y-x-z.
Thus, if this option is confirmed, we will see a decrease in the price and the construction of the final sub-wave z.
It is possible that wave z will tend to equality with the previous actionary wave y. Therefore its end is possible near 0.928.
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