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The current USDCHF structure hints at a cycle degree complex ‘three’ pattern. Following the completion of wave x down at 0.9612, the currency pair began its last primary degree ‘three’ pattern, consisting of waves Ⓐ-Ⓑ-Ⓒ.
At the time of writing, the first 5-wave impulse move in Ⓐ seems to be near its end as all the intermediate degree waves but wave (5) are completed.
The smaller degree downside move near 0.9794 suggests that minor wave 4 is fully completed. This scenario is indicative of further upside and could take prices near the 0.9849 area.
At that level, intermediate wave (5) will be at 78.6% of the intermediate wave (3) -i.e. the 78.6% Fibonacci extension.
When looking at the current structure, we are able to identify another high-probability formation. This pattern suggests that impulse wave Ⓐ is going to extend to higher levels as its formation contains one 5-wave impulse, not two, as seen in the first scenario.
With that in mind, the most recent low is the low of the interme...
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