CapMoore
Long

Looking Bullish with Extended D point.

FX:USDCAD   U.S. Dollar/Canadian Dollar
141 1 3
Price has broken through a long term TL, and
completed an ABCD pattern prematurely with an
impulsive move of latter CD leg. Price has since
coiled below this D point for 7 weeks without
a proper move down to complete mini targets
at 1,08 and 1,0580. By weekly close above the
1,1164 D level, chances are that price will proceed
to the first extended D point at 1,1432. Pivot confluece
Resistance is at 1,1315/30 which may be first halt on
the way. More harmonious target would be D2 here,
1,1775 which is close to the 2007 top. The only cloud
to this bullish scenario is the Piercing Line candle
at 50% fib of whole downswing from 2009/2011.
A weekly close above this level, 1,1231 will likely
give fuel to bullish prospects.
CapMoore
2 years ago
The crowded fibs on the right side I missed to remove (retracements of last CD leg and ABCD pattern for targets)
Reply
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