Chartistry

USDCAD | Rogue Wave Ignites Bearish Move | Larger WW In Progress

FX:USDCAD   U.S. Dollar/Canadian Dollar
3 months ago
Hello Traders,

Here is a wonderful example of a Rogue Wave in progress. A rogue wave explained by Bill Wolfe is as follows:

"Sometimes everything is in synch and you will get a rogue wave effect similar to what occurs in the oceans of the world. These can be extremely profitable in the futures and stock market ."

Although there is a very little mention of the rogue wave in his public PDF file, it is an extremely strong move when it occurs.

A rogue wave is when you have two Wolfe Wave's that synch together, ideally having the same point 5 (as the two internal WW's do). This creates a strong reaction to the direction the WW is pointing. When looking at the bigger picture, we can see that there is another WW that is pending completion. This too, is in synch with the WW's currently in progress.

Overall, I expect the internal WW's both to hit their target and for the larger WW to complete.

Stay tuned,
Chartistry
2 months ago
Comment: UPDATE: USDCAD has since broken out of the potential point 4 listed in the original chart and is coming to a crossroad.

The Daily view gives us a potential resistance zone and a Right Shoulder of the Head and Shoulders pattern. This in turn would act as point 4.

snapshot


Taking a closer look, we also have a development of a WW in the 4h timeframe.

snapshot


Keep in mind that if price breaks through the purple dashed line and proceeds to higher highs, the lightest red dashed line is the highest probability target before there is an retracement.

Best,
Chartistry
20 days ago
Comment: UPDATE: IDEA NOW INVALIDATED

Hello Traders,

The recent break above the resistance mark (purple line) indicates that USDCAD has no wishes to move to the downside. Therefore, this Potential Wolfe Wave and the internal WW's are invalidated. The current break above the resistance line will be the start of a rally in this pair.

snapshot


Best,
Chartistry
Jia En Cai PRO
3 months ago
nice

Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out