FX:USDCAD   U.S. Dollar/Canadian Dollar
1197 3 35
10 months ago
USDCAD             has made a strong advance to break out of the long term down trend it has been in for months, Does this move mean that the downtrend is over?

Well, one thing is for sure....this was a strong move up and out of that downtrend. This move certainly looks impulsive. If this is an impulse wave, then it follows that this has to be a wave (1) or (a). In any case, I do count a 5-wave             move. And of course, following any completed 5-wave             impulse wave comes a corrective wave,

So being that this impulse seems to be a completed, I am expecting a corrective wave back down. But before that can happen, this is what I am looking for: an ending diagonal . ED's are very common way for strong impulse waves to end. They occur often in wave 5's. And that is what I am seeing this impulse wave being in: a wave 5.

If/when this potential ED is completed, that would be a good place to take a SELL. Just be aware that there is nothing that says that there MUST be a completed ED for the reversal to occur.

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10 months ago
Comment: ED is completed and prices have now broken down out of it.

10 months ago
not sure. but i think the dollar will buy because audusd targets 700& maybe 670.. nzdusd targets 660&650... we will see
10 months ago
it looks great. 2 hrs chart seems a great short here.
10 months ago
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