On the 1H timeframe for the USDCHF pair, we see the final part of the proposed large double zigzag consisting of cycle sub-waves w-x-y. This pattern looks fully completed.
Perhaps the price decline in the cycle wave y, which is the primary standard zigzag, has recently come to an end. Currently, there is a development of the initial part of a new corrective trend.
It is assumed that a standard 3-wave zigzag â’¶-â’·-â’¸ of the primary degree is under construction.
It is likely that the first two sub-waves â’¶-â’· are completed, so an increase in impulse â’¸ is expected, as shown in the chart, to 1.0096.
At that level, wave â’¸ will be at 123.6% of first impulse â’¶.
Alternatively, the cycle pattern may take a more complex form, that is, a triple zigzag w-x-y-x-z.
Thus, if this option is confirmed, we will see a decrease in the price and the construction of the final sub-wave z.
It is possible that wave z will tend to equality with the previous actionary wave y, and therefore its end is possible near 0.928.
An approximate scheme of possible future movement is shown on the chart.
