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The current USDCHF structure indicates that perhaps the final part of the bearish double zigzag Ⓦ-Ⓧ-Ⓨ is forming, where wave Ⓨ is a simple zigzag consisting of intermediate sub-waves (A)-(B)-(C).
Subwaves (A) and (B) were fully completed, whereas (C) is still under construction.
It is likely that in the near future we will see a decline in the minor impulse 5 near 0.943, the target would respect the tenancy of 5-wave impulses (A) and (С) being equal since, in zigzags, the actionary waves often tend to be equal.
If we consider an alternative scenario, we can see that the intermediate wave (C) may have already been fully completed.
This is indicated by the mutual proportions of the waves and the 5-wave structure of the impulse (C).
Thus, in the near future, we could see the growth of the market in the first intermediate 5-wave impulse (A) above 0.948, i.e. above the level of the previous maximum, which was formed by the wave (B).
It is preferable to add this pair on our watchlist!
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