Hello friends
We are witnessing the formation of a complete Elliott wave pattern on the CADCHF chart. These waves from 1 to 5 are quite distinct and you can even count their subwaves (especially the microwaves of the main wave 5).
Now wave 5 is completing and moving inside a descending channel. The microwaves of wave 5 have already been completed. But after the completion of wave 5, with the breakdown of the trend line drawn above and a return to it, we can expect the price to grow to the specified support.
The first resistance is 0.60500 and the second target is 0.6200.
Of course, the price increase in wave 5 is always accompanied by divergence and a decrease in the slope of the chart, as you can see, the slope of wave 5 is much less than wave 3, and the divergence occurred between the main waves 5 and 3.
Good luck and be profitable.
We are witnessing the formation of a complete Elliott wave pattern on the CADCHF chart. These waves from 1 to 5 are quite distinct and you can even count their subwaves (especially the microwaves of the main wave 5).
Now wave 5 is completing and moving inside a descending channel. The microwaves of wave 5 have already been completed. But after the completion of wave 5, with the breakdown of the trend line drawn above and a return to it, we can expect the price to grow to the specified support.
The first resistance is 0.60500 and the second target is 0.6200.
Of course, the price increase in wave 5 is always accompanied by divergence and a decrease in the slope of the chart, as you can see, the slope of wave 5 is much less than wave 3, and the divergence occurred between the main waves 5 and 3.
Good luck and be profitable.
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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.
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.