FX:CADJPY Canadian Dollar/Japanese Yen
Hey traders! CADJPY is producing a nice and is likely wave-(iv)-of-((c)). That would mean that we have another rally coming before it's time to start looking for shorts. I have target set to the A=C level with SL beyond the point which would invalidate the triangle. Setup is valid unless new highs are made before triangle completion or if invalidation level is breached.
Order cancelled: Price dropped below C on a bearish impulse. HOWEVER, another triangle has presented itself. This trade is active with the same profit target. I have stops set below wave-e terminus:
Boss hoss, great comment. Thanks for bringing up that correlation. I am anticipating a drop in both by the end of the week. I think this bullish impulse is the c wave at the end of a triple combination correction. Therefor, this would mean that upon the completion of this five wave sequence we will see a drop. Likewise, in OIL, we seem to be completing an expanding triangle which may mark the end of its bullish rally as well.