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GBP/CAD - has the fifth wave began?

FX:GBPCAD   British Pound/Canadian Dollar
  • The daily chart shows the 4th wave may have come to an end earlier this week and the 5th wave lower has began.
  • As per wave rules, when the third wave is extended, the 5th wave is equal to 1st wave. The first wave led to a drop of 0.0326 and took about 20 days.
  • Assuming the 5th wave began on tuesday, the currency pair could drop to at least 1.8070 levels over next two weeks.

BEarish invalidation is seen if prices see a day end closing above 1.8748 (Tuesday's high)
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