The current USDCAD timeframe shows the internal structure of a large correction pattern, similar to a cycle triple zigzag w-x-y-x-z| FXMAG.COM

The current USDCAD timeframe shows the internal structure of a large correction pattern, similar to a cycle triple zigzag w-x-y-x-z - 1

Perhaps the first four parts of this construction are fully completed, and now the final actionary leg is being built – the sub-wave z. Apparently, the wave z takes the form of a primary double zigzag â“Œ-â“-â“Ž, where the sub-waves â“Œ-â“ are formed.

Thus, the last actionary primary wave â“Ž may be in the process of construction at the moment.

It may end in the form of a double zigzag (W)-(X)-(Y) near 1.402. At that level, cycle wave z will be at 161.8% of cycle wave y.

The current USDCAD timeframe shows the internal structure of a large correction pattern, similar to a cycle triple zigzag w-x-y-x-z - 2

According to an alternative, the formation of a cycle triple zigzag could be fully completed. Therefore, now we may see the construction of the initial part of a new bearish trend.

The construction of a primary triple zigzag â“Œ-â“-â“Ž-â“-â“ is assumed, which is the beginning in a larger correction pattern.

It is likely that the primary waves â“Œ-â“-â“Ž-â“ have already been built.

In the near future, market participants can expect the formation of a bearish primary wave â“, which may take the standard zigzag shape (A)-(B)-(C) and end near 1.311. At that level, it will be equal to primary wave â“.

Jing Ren

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London. Later on he worked as a senior analyst within the FX brokerage industry where he developed strategies in trading and risk management. With solid understanding of market dynamics he founded Wensfer to offer research and asset management services.