USD.CAD bottomed EXACTLY where expected, now TARGETS for longs

Followup to my previous analysis Mapping and Buying the Bottom (click).

As we were hoping, UC may have bottomed and ready for uptrend.
Recent economic news and a dovish BOC may support a trend change.
We look to be in a "wave 3" of a textbook five-wave impulsive move.

It is POSSIBLE that wave 3 has ended, but LIKELY for 3 to have one more leg.
It is PROBABLE that we reach at least the green 4.236 to complete a wave.
It is PLAUSIBLE that we reach the green 5.236 before significant pullback.

Plotted are two possible pathways to the targets.
The pathways are GUESSES, but the zones are SOLID.
Look for a "Ping" at a zone or fib which might turn it.

Below are my two attempts to catch the bottom

Attempt 1: Caught a scalp to targets, but then it died

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Attempt 2: Caught a nice slow turn around, a "J-Lo Bottom" if you will:

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Comment:

OOPS, the second chart above should have been this one:

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Comment:

TP1 hit EXACTLY

Monday morning, going into NY open, first target has been hit

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Zoom IN (5 min) for a closer look

and WOW, two Pings are the EXACT lower bound of pre-mapped zone.

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Zoom OUT (Dailly)

The lower bound of the zone was the 1.764 fib of this series.
Very high Timeframe Fib so it may capture the price into "orbit" for some time.

That Fib also implies that a breakout could result in a 100 pip move

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SUMMARY:
- Bounce is on track and following the fibs PERFECTLY.
- Resistance at $1.3911 is from high tf fib, which may capture price into its orbit for some time.
- If uptrend is to continue, a break of this fib could easily result in a 100+ pip move.
- Whether trend as changed yet or not is NOT clear, but this wave may help clue us in.

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Comment:

Wave 3 Target hit

Zone hit and pierced a bit even

Typical of a "wave 3", it is very enthusiastic.
Now pulling back for possible wave 4.

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Zoom IN (5 min) and Fib'ing the pullback

Looks like have a good "Rhythm" going.
That usually means the leg will continue.

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Zoom OUT a bit (15 min) to see where that fib above might lead us:

Given the 2.236 and 3.618 pings, we can look to the 4.236 and 5.236.
The 5.236 is in tight confluence with a high tf 2.618.
So currently it seems $1.313xx might be a good target for retrace.

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SUMMARY:
- Proceeding pretty close to the original plan.
- Wave 3 was enthusiastic as it should be, piercing resistance.
- Wave 4 looks to be under way, currently eyeing $1.313xx for possible retrace target.

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Comment:

All Targets Hit

We just the final target at $1.33

Kinda laughed at my EW. just below through everything.
Plummeting Oil prices helped to weaken the CAD, while USD was strong against all others.

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Zoom IN (15 min) for a closer look:

PERFECT adherence to the Zones.

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Zoom IN more (3 min) and a thing of beauty here

The resistance zone holding well so far.

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SUMMARY:
- CAD is rather weak due to falling Oil prices.
- USD has been strong against all currencies and UC was the prefect pair to take advantage.
- Expecting a pullback here pretty soon, maybe one last push to hunt the stops above local highs.
- Still looks bulilsh, but needs a retrace soon toe solidify the ground below.

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