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usdchf elliott

The USDCHF structure shows a completed bearish cycle trend. The final actionary wave z, which is a primary triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag, has ended.

We can then expect the development of a new bullish trend to reach the previous high of 0.919. This was marked by the bullish intermediate correction (B).

usdchf

An alternative scenario shows the primary wave Ⓩ is incomplete and consists of intermediate sub-waves (A)-(B)-(C).

Within the bearish impulse wave (C), the minor impulse wave 3 ended, creating the start of the correction wave 4.

Correction 4 could reach the level of 0.897, where it will be at 38.2% of impulse wave 3.

Finally, we could see the continuation of the currency pair’s depreciation in wave 5 near 0.880. At this level, wave 5 will be at 61.98% of impulse 3.

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The post USDCHF Has Primary Wave Ⓩ Ended? appeared first on Orbex Forex Trading Blog.


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