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usdchf elliott

USDCHF looks at a cycle degree wave z, consisting of primary corrective sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

After the end of the intervening wave Ⓧ, prices could move lower in the initial part of zigzag Ⓩ.

Wave Ⓩ hints at a standard zigzag consisting of waves (A)-(B)-(C). The completion of this wave could end near 0.887.

At that level, primary wave Ⓩ will be at 161.8% of wave Ⓨ.

usdchf

An alternative scenario shows primary intervening wave Ⓧ is not yet complete. In this case, we can assume that it will take the form of a triple three.

We can therefore expect a decline in impulse C at 0.900. A price reversal is possible in wave (Z) to the previous high at 0.920, which was formed by the intermediate wave (Y).

Then we could see the development of the final leg Ⓩ.

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The post USDCHF Zigzag To Complete Cycle Wave appeared first on Orbex Forex Trading Blog.


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