Here is the latest and things has changed from the last analysis. I indicated an ABC correctional pattern, which is typical for correctional waves. This turned out to be a 1-5 elliott wave pattern (in cyan color). The last leg of this wave (5th wave) is almost done but not complete. IMO, we have another 4 and 5 waves to complete (in purple). The price is still at the weekly resistance and quite overbought. In our last analysis, I mentioned about the Daily Support as a 3rd line of defence and possible bounceback, which came true. Considering the things above, I don't expect any further rise in oil price but a possible retrace back to37 dollar levels, where the daily support resides. This point of retraccement satisfies fibonacci levels as well. Good Trades
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Our Prediction is spot on, almost with pinpoint accuracy (blame on luck). Soon Oil shall start to go down as all minor and major wave counts will be complete. This will be the moment to buy into USDCAD! Good Luck
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I think the minute 5th wave is yet to complete. I expect another run up to around 46 dollars, before really falling down. Canadian Dollar will gain again if this short term rally happens. So I would recommend that you close your longs at USDCAD and wait for the next move up, which could be the real recovery move of USD against CAD.
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On track. I can see an extended 3rd wave an the iv-v wave (violet in color). A few hours more and we will have the 5th of the fifth complete. Expect a drop of oil this week! (And rise of USDCAD). Good luck
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still not completed the wave. Hang on. Tomorrows rate decision may coincide with Oil turning the other way around.
