Following up on last week's post, but going down from a 3D to a 1D chart, the rejection at this cross section of resistance is becoming obvious, looking at the price action basics and oscs.
I expect downwards movement to roughly the same proportions as the prior correction in June 2015, but these price characteristics are that of a POSSIBLE start of a wave 4. Not only does that mean we aren't at the "final resistance" in this upswing, but it means we are possibly trading against the strongest part of the swing.
I'll look for appealing entries within smaller frame charts, even if it's just for scalping, but ultimately expect more upwards movement before a true cycle's completion. Also, this correlates nicely with the exhausted dollar index which is leading this market by a few days on the 1D charts, as it has already started falling more than USDCAD.
I expect downwards movement to roughly the same proportions as the prior correction in June 2015, but these price characteristics are that of a POSSIBLE start of a wave 4. Not only does that mean we aren't at the "final resistance" in this upswing, but it means we are possibly trading against the strongest part of the swing.
I'll look for appealing entries within smaller frame charts, even if it's just for scalping, but ultimately expect more upwards movement before a true cycle's completion. Also, this correlates nicely with the exhausted dollar index which is leading this market by a few days on the 1D charts, as it has already started falling more than USDCAD.
