This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

usdcnh elliott

The USDCNH structure shows a bullish trend consisting of waves ①-②-③-④-⑤.

The first four parts of the primary degree pattern appear to be fully complete.

After wave ④ completed in a triangle correction, we saw the pair start to rise in the final wave ⑤.

The end of primary wave ⑤ could take prices near 7.25. This is the 161.8% Fibonacci extension of wave ③. However, a false break above wave ③ would also suffice.


However, with this structure, we must consider an alternative scenario.

Here, the correction wave ④ is an incomplete triangle consisting of intermediate sub-waves (A)-(B)-(C)-(D)-(E).

According to this projection, in wave (D), prices could turn towards wave (E) to finalize the triangle. Wave (E) could end near 7.08, and the lower triangle could intersect with prices.

Got your risk management sorted? Open your account now!

The post USDCNH Bid Following Triangle Completion appeared first on Orbex Forex Trading Blog.

To keep reading this article, please navigate to: Orbex Forex Trading Blog.