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USDCAD 1.402 to Complete Global Correction


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.

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