Elliott Wave Analysis: Anticipating an Upward move in USDCAD
Hello Traders,
Trust you are great.
Below is my Elliott wave analysis of USDCAD currency pair
Analysis:
The structure of the USDCAD currency pair suggests the formation of an irregular Flat corrective pattern. The initial Wave A has taken the form of a leading diagonal, moving downward.
Current State:
Wave B appears to have completed its formation. The next expected movement is the formation of Wave C.
Expectation:
An impulsive Wave C is anticipated to move upward towards the 1.37445 - 1.38147 region before a subsequent decline.
Invalidation level for the upside projection: 1.3605.
Cheers!
Trust you are great.
Below is my Elliott wave analysis of USDCAD currency pair
Analysis:
The structure of the USDCAD currency pair suggests the formation of an irregular Flat corrective pattern. The initial Wave A has taken the form of a leading diagonal, moving downward.
Current State:
Wave B appears to have completed its formation. The next expected movement is the formation of Wave C.
Expectation:
An impulsive Wave C is anticipated to move upward towards the 1.37445 - 1.38147 region before a subsequent decline.
Invalidation level for the upside projection: 1.3605.
Cheers!
Nota
UPDATE: Invalidation area adjusted. Idea still appears valid.Let's see.
Nota
The pair did just as predicted. It has done over 100pips so far. Nota
Now, reversal can occur any moment from now. Be on the lookout for confirming price action.Cheers guys.
Nota
USDCAD did +117pips.Trade chiuso: obiettivo raggiunto
Nota
UPDATE: Reversal to the downside supported by bearish Gartley. First target is 1.36720.Nota
UPDATE: After the completion of initial upward move, price dropped by +85pips just as predicted.Elliott wave projection:
Harmonic projection:
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