EWS

USD/CNY - Correction from 6.9366 coming to an end?

FX_IDC:USDCNY   U.S. Dollar / Chinese Yuan
The resent strength of the Chinese Yuan has cached the headlines lately, but my Elliott wave count suggest that the correction in wave (B) could be coming to an end in the cluster-area between 6.3625 - 6.3928.
As wave v of c of (B) has been the extended wave, we should expect a quick reversal once the low is in place.

Short-term a break above 6.5566 will be the first good indication that wave (B) has completed and wave (C) is developing, while a break above resistance at 6.6964 will be needed to confirm the corrective low is in place and a new impulsive rally to above 6.9366 is developing for a rally towards 7.2885.
Comment: I think the corrective low is in place with the test of 6.4345. Resistance at 6.5566 is still holding firm, but likely only for a minor set-back to 6.5150 before the next push higher break above 6.5566 and confirms the low for a new impulsive rally to above 6.9366
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