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USDCAD Has the Triple Zigzag Endured?

USDCAD Has the Triple Zigzag Endured?

The USDCAD current timeframe illustrates the internal structure of large correction patterns. This is most likely to be a triple zigzag cycle w-x y-x z.

These four sections have been completed. Now, the final sub-wave actionary z is being built. The wave z takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

The final actionary primary wave Ⓨ could end in the form of a double zigzag (W)-(X)-(Y) near 1.403. Cycle wave z at that level will be 161.8% of cyclewave y.

Let’s consider an alternative scenario. The formation of a three-dimensional zigzag pattern could then be completed. The initial phase of a new bearish trend has begun.

The construction of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is the beginning of a larger correction pattern. It is likely that the primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ are already over.

In the near future, we could see a bearish primary wave Ⓩformation. This could take the form of a standard zigzag (A)-(B),-(C) with an end near 1.304. At that level, primary wave Ⓩ will be at 76.4% of wave Ⓨ.

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