The USDCAD current timeframe illustrates the internal structure and function of a large correctional pattern, which is similar to a three-zigzag cycle w–x-y–x-z.
The final wave z takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ have ended.
Thus, the last actionary primary wave Ⓨ could be in the process of construction at the moment.
This could be a double-zigzag (W-(X-(Y), near 1.4022). Cycle wave z at that level will be 161.8% of cycle cycle wave y.
An alternative view is that the formation a triple-zigzag cycle could be complete. We could now see the first part of a bearish trend being constructed.
Now, the construction of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is beginning in a larger correction pattern.
It is likely that the primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ have already been built.
In the near future, the formation of a bearish primary wave Ⓩ could take the standard zigzag shape (A)-(B)-(C) and end near 1.311. At that level, it will be equal to primary wave Ⓩ.
Orbex Forex Trading blog published the post USDCAD 1.402 to Complete Global Correction.
