AuthenticTrader
Short

AUD/CAD Time To Sell ? You give me a reason not to!

FX:AUDCAD   Australian Dollar/Canadian Dollar
Price is at a key longterm resistance area, confirmed by confluence with Pivots R1 and R2. A spinning top / Doji is completing on daily Chart . Doji and spinning tops ordinarily are considered signals for indecision. However in this case, it occurs at key resistance area, there has been a tag of upper Bollinger Band , there is bearish divergence (more clearly seen by zooming down to 4h chart), and Connors RSI (2) has exceeded 90 two days ago, which often is a strong confirming over bought signal. The four hour chart has failed to make a new high for the last 4 candles.

Finally, I don't claim to be Elliot Wave proficient, but I always try and do a count as part of my analysis. I have labeled a count that provides added confidence that we are just starting correction wave C, usually the largest move in the correction pattern.

Risk / Reward depending on entry and exits, but absolute risk is 60-135 pips, Minimum reward is 86 pips (61.8 fib), 200 pips (P level), and 290 pips (S1 and 1.618 fib level)

Enter now or wait for a close below R1 or today's low of 1.01812.
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