USDCAD : short term to watch
Hi guys,
Im Simon, amator TA in crypto sphere. I train my method with Elliot Wave. I would watch the behavior after we touch the 1.35 price lvl or honestly just watch right now behavior.
The current structure correspond to many guidelines of the irregular/expanded flat ( i project a 2 lvl irregular flat) ;
• A corrective 3 waves move labelled as ABC : yes
• Subdivision of wave A and B is in 3 waves : yes
• Subdivision of wave C is in 5 waves impulse / diagonal : first C lvl = yes
• Subdivision of wave A and B can be in any corrective 3 waves structure including zigzag, flat, double three, triple three : triple three (i putted ABCDE)
• Wave B of the 3-3-5 pattern terminates beyond the starting level of wave A : yes
• Wave C ends substantially beyond the endng level of wave A : first flat = yes
• Wave C needs to have momentum divergence : first flat = yes
So according to this the 2nd lvl flat should end near 1.14 or so since the fibonacci ratio of the irr. flat is :
• Wave C = 123.6% – 161.8% of wave AB
_________________________
Ive putted ABCDE instead of the triple three count for 1st lvl AB since its better understood by this guidelines :
• Usually happens in wave B or wave 4
• Subdivided into three (3-3-3-3-3)
The 2nd lvl AB is a double three or simple three depending on the time frame you use :
____________________
Independently of Elliot Wave Theory, the monthly indicators correlate with a probable retracement. A minimal unsustained histogram with a good bearish divergence on histogram leading to project a bearish MACD-signal crossover and eventually a MACD-centerline bearish crossover. The detail is eventually the perspective of HL and HH make this projected retracement somewhat healthy and minor (1.30ish to 1.05-1.14 or so is pretty minimal) :
____________________
Opinion : This follow the flow of other stocks market charts that Ive TA (DJI, USOIL) on. I dont like when many charts correlate because it leads me to think I could be biaised. But USDCAD stay somehow good looking even after this bearish perspective I believe USD will remain strong vs. CAD like historically
_____________________
If we want to go full speculation : Irregular/expanded flat pattern normally outcome on strong recovery to past point 0 resistance. The irregular/expanded flat retracement (1.23) fibonacci correlate with a fibonnaci (0.23) that back the idea of the guidelines of an irregular flat pattern :
Im Simon, amator TA in crypto sphere. I train my method with Elliot Wave. I would watch the behavior after we touch the 1.35 price lvl or honestly just watch right now behavior.
The current structure correspond to many guidelines of the irregular/expanded flat ( i project a 2 lvl irregular flat) ;
• A corrective 3 waves move labelled as ABC : yes
• Subdivision of wave A and B is in 3 waves : yes
• Subdivision of wave C is in 5 waves impulse / diagonal : first C lvl = yes
• Subdivision of wave A and B can be in any corrective 3 waves structure including zigzag, flat, double three, triple three : triple three (i putted ABCDE)
• Wave B of the 3-3-5 pattern terminates beyond the starting level of wave A : yes
• Wave C ends substantially beyond the endng level of wave A : first flat = yes
• Wave C needs to have momentum divergence : first flat = yes
So according to this the 2nd lvl flat should end near 1.14 or so since the fibonacci ratio of the irr. flat is :
• Wave C = 123.6% – 161.8% of wave AB
_________________________
Ive putted ABCDE instead of the triple three count for 1st lvl AB since its better understood by this guidelines :
• Usually happens in wave B or wave 4
• Subdivided into three (3-3-3-3-3)
The 2nd lvl AB is a double three or simple three depending on the time frame you use :
Independently of Elliot Wave Theory, the monthly indicators correlate with a probable retracement. A minimal unsustained histogram with a good bearish divergence on histogram leading to project a bearish MACD-signal crossover and eventually a MACD-centerline bearish crossover. The detail is eventually the perspective of HL and HH make this projected retracement somewhat healthy and minor (1.30ish to 1.05-1.14 or so is pretty minimal) :
Opinion : This follow the flow of other stocks market charts that Ive TA (DJI, USOIL) on. I dont like when many charts correlate because it leads me to think I could be biaised. But USDCAD stay somehow good looking even after this bearish perspective I believe USD will remain strong vs. CAD like historically
_____________________
If we want to go full speculation : Irregular/expanded flat pattern normally outcome on strong recovery to past point 0 resistance. The irregular/expanded flat retracement (1.23) fibonacci correlate with a fibonnaci (0.23) that back the idea of the guidelines of an irregular flat pattern :
Trade active:
still watch carefully the behavior at 1.35
Trade closed: target reached:
minor E reached. i expect a retracemnt from our current lvl
Trade active:
retracement on going