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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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.
*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to efxselect.com to subscribe and get these signals in REAL-TIME!
Faceb00k: goo.gl/Mb81w7
Website: www.efxselect.com to subscribe
Comment:
ED is completed and prices have now broken down out of it.
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