This 4HR chart of USDCAD can really shed a good light on why I think buying USDCAD is premature. The trend isn’t over. Not yet. Prices are still headed lower. Not much lower but lower before we get the REAL end of the trend. Strong trends usually end in a ED or EED . Because of the overlapping waves present now and the way they are overlapping, this makes me think it is an EED pattern. That nice big jump up that just occurred? A bull trap. Buy it thinking prices are now poised to head higher, and you will get caught in the trap. I see that jump as just the leg D of the EED . Prices should be headed back down in the leg E now. And I think that leg E will end somewhere within my second “critical zone”. Near to or at the .886 retrace level. It might even exceed that critical zone a little.
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