In the long term, the pair may form a bearish double zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ.
On the current chart, we see the internal structure of the intervening wave Ⓧ. Most likely, it takes the form of an intermediate double zigzag, in which the first two parts are completed. That is, the final actionary wave (Y) is under development.
Wave (Y) may end in the form of a standard A-B-C zigzag near 7.400. At that level, third and fifth waves of the minute degree will be equal.
Alternatively, the minute fifth wave may be much shorter than in the main version. In the near future, market participants may observe the completion of this wave and a market reversal.
After the primary intervening wave Ⓧ is completed, we can observe the price drop and the development of the primary actionary wave Ⓨ.
The price, along with the wave Ⓨ going down, may fall to a minimum of 6.809, or even lower.
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