Cypher Advance Pattern Forming
We are at an early stage of D leg formation. It is a long way to go but may be worth keeping an eye on it.
Noticeable point:
1) We have a missed weekly pivot at 1.30116 that is very close to the projected D completion point. The rationale is that price action will attempt to gravitate to pass missed pivots of a higher time frame.
2) Past held support structure at the 1.30 and 1.31 level.
3) Oil prices will need to hold the current price level or move lower in order to weakened CAD. A stronger USD on its own will not help much.
Noticeable point:
1) We have a missed weekly pivot at 1.30116 that is very close to the projected D completion point. The rationale is that price action will attempt to gravitate to pass missed pivots of a higher time frame.
2) Past held support structure at the 1.30 and 1.31 level.
3) Oil prices will need to hold the current price level or move lower in order to weakened CAD. A stronger USD on its own will not help much.
Comment:
So far so good, lets see if we find resistance at 1.266 or 1.277 creating a price range consolidation zone for a further higher breakout, and possibly a trend continuation opportunity.
Comment:
Oh CAD, what will it become of thee. Patience is the name of the game on this 1D pattern