DOWN DOWN DOWN.. Wait... Really?

FX:USDCAD   U.S. Dollar / Canadian Dollar
1774 14
Hello Guys, Hope you all are watching the pair closely! Here is something which I want to share with you guys! There are three possible things which can happen at this current point. First we may see a new pattern (actual pattern) here if price show price action and don't break the YELLOW TRENDLINE in today or tomorrow's close! In that case we will see a short move up again! 2nd is that we may see a lower degree correction under the WHITE DOTTED TRENDLINE and then we will see further fall. 3rd: It will break directly from here which is not looking good according to current price action *but we still have time so can't say anything at this point.*

Conclusion: If price show price action here then we may see a actual new pattern here which means we may see a move up. OR we may see a further fall i.e. can be after a lower degree correction or it can be a direct fall.

Hope it will help you a bit!

Happy Trading
Good Luck
Comment: So as per Possibility-1 (which I wrote in description) we got breakout of inside trendline before breakout of bottom trendline. So we will see a move up.
Good work as usual. Nice explanation
when pattern is so obvious, everybody thinks it will fall and enter the trade, it's the time for big players to get in...
+2 Reply
WaveExpert hao.deng.m
very right. Ppl got trapped in emotions and take trades at the wrong position without confirmation. @hao.deng.m,
+1 Reply
Thanks for your great analysis!
Here is my view on USD/CAD if you are interested:

Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones.
The short level (1.3666) is placed where a cummulation before a strong sell-off took place.
The long level (1.2922) is based on strong rejection activity accompanied by huge volumes (seen on the right cummulative volume on the right).

If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
So it is very simple. Either UP or DOWN . Simple as always.
+2 Reply
WaveExpert waterman
yeah its simple as always :) @waterman,
+1 Reply
Good point... another possibility
+1 Reply
WaveExpert vmanena
Yeah that's a possibility! Good one! @vmanena,
+1 Reply
I thought this was a complex correction as i am expecting it to finish wave 11 and then go all the way down
+1 Reply
WaveExpert milad_fx
Ahaan! hope it helped! @milad_fx,
+1 Reply
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