CapMoore

Price has reached a possible reversal zone

FX:USDCAD   U.S. Dollar/Canadian Dollar
132 5 3
Completed Butterfly Sell & Monthly Pivot R2 /Daily R1
confluence creates a possible reversal zone. A downward move
has a nice target by previous top and Monthly R1.
Very clean chart. Agree with your idea
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CapMoore Ryan Tyler
Yes its actually called a Crab because of the approximate B=618 retrace of XA. A Butterfly will have a slightly deeper B (78,6). But I like to call
these Butterflies because its the common term used.
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Price has hit the very extreme 2.618 extension. A reversal from here will have alot of potential.
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Can we consider this reversal as possible sign of WTI downside too?
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US OIL does have problems to get back to that Daily trendline, Still, a break down should preferrably be rather sharp,
However price fell sharply to the trendline but has since not made much progress below. It remains to be seen if
further downside is at hand. A risk off scenario would be good for a deeper correction but that has not happened yet.
Action will pick up in the next weeks so things will get clearer.
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