GBPCAD has been kind to us in terms of letting the Predictive/Forecasting Model remain tethered to the actual price action - See the following frames illustrating the prior successful forecast:
SOURCE: "GBP v CAD - Wolfe Wave Completes; Model Eyes 2.08057 " bit.ly/1OvHueq
Today, we are returning to this pair as we consider the #crude #oil correlation this is likely to submit to. As you may already know, the CAD is highly correlated to the price of oil. As I have provided in the recent analyses with USOIL (Crude Oil pricing), an interim rally was called to reach 42.57 - Following are the frames that define the imminent hit of that target ... The dates of the chart are inscribed within the top-left corner:
SOURCE: "Anatomy Of A (limited) Retracement" bit.ly/1P4yLv7
As of today (14 APR 2016), the 42.57 target remains pending and quite imminent, as price engaged into a consolidation pattern. Now, considering the correlate in GBPCAD, where the positively correlated CAD is thus expected to decline with the expected reversal in USOIL, the result would carry GBPCAD to the levels define, namely the Fibonacci's 0.386, 0.500 and 0.618 in order of decreasing strength of probability of attainment:
The dashed arrow offers a probable pathway with pre-defined R/S levels.
Best,
David Alcindor Predictive Analysis & Forecasting Durango, Colorado - USA
----- Twitter: @4xForecaster Linked-In: David Alcindor TradingView.com: 4xForecaster -----
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Comment
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05 JUN 2016 - Chart Update / Tech-Note: Hit FIRST Target
As forecast, GBP vs. CAD hit its first high-probability target, based on the Fibonacci core internal retracement levels (38.6, 50 and 61.8%) - Analysis and forecast is also triggered based on market geometry offered through the completion of a WW/Geo and based on the Predictive/Forecasting Model which sees comparable targets:
Best,
David Alcindor, CMT Affiliate #227974
PS: I offer a private course to advanced technical traders - Only 1-2 students per month, since this is an open-ended course in which I reveal all proprietary patterns and methods, including the "secret" method I have been using to predict and forecast all and any financial markets - If interested, take a look at the generic course outline (each course is tailored to the student, based on proficiency level) here: bit.ly/1U0tIka - David
Hi David. your analysis very useful for me.
many thanks
plok
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Impressive analysis with all the charts that one could look for in 1 overview. Superb indeed!
I'm looking forward to seeing how this will pan out. On the contrary it's interesting that your bearish view on USDNOK remains. I have no knowledge on the Canadian economy, but on first glance I would say it's in better shape (and central banks aren't looking to cut rates further) than the Norwegian economy.
GWaves
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Superb.
kmk.msp
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@David. As i am already your student due to your accurate models, how i become your course student. I want to learn from you sir.
Regards
kmk.msp
plok
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So far so good! Negative on USDNOK and positive GBPCAD proves to be correct so far.
many thanks