It appears that an Ending Diagonal pattern has formed at the end of the bearish trend on CADCHF (1-hour timeframe), indicating a potential trend reversal and the beginning of a new bullish phase.
In the current upward structure, waves 1 to 3 have already completed, and the market is now in the corrective wave 4.
If wave 4 aligns (fits) with wave 1, it could offer a great buying opportunity (long setup).
📈 A breakout above the top of wave 3, along with increasing volume, would provide confirmation for the continuation of the bullish trend.
In the current upward structure, waves 1 to 3 have already completed, and the market is now in the corrective wave 4.
If wave 4 aligns (fits) with wave 1, it could offer a great buying opportunity (long setup).
📈 A breakout above the top of wave 3, along with increasing volume, would provide confirmation for the continuation of the bullish trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.