CADJPY: Looking for wave 5
It likely ending wave 4 for some reasons:
1/ This is a correct wave because it formed a ABC pattern with smaller flat forms.
2/ This wave retract near .618 Fibo level but not overlap wave 1.
3/ MACD divergence forecast a bear trend.
Forecast wave 5:
I drew a line from 2 and 4 then project this line to make a channel where wave 5 will play!
1/ This is a correct wave because it formed a ABC pattern with smaller flat forms.
2/ This wave retract near .618 Fibo level but not overlap wave 1.
3/ MACD divergence forecast a bear trend.
Forecast wave 5:
I drew a line from 2 and 4 then project this line to make a channel where wave 5 will play!
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