$USDCAD | Bearish WW/Geo | Targets Defined
Hello Traders,
USDCAD is looking at a potential top with the current upside move. Following the Daily chart we are looking at a potential Head and Shoulders Pattern that would also help us define point 4. That rationale in and of itself is speculation since point 4 is near impossible to predict in a WW.
Looking at the higher time frame we get this view of the potential downside move.
Consider the following:
Darkest Red = Very High Probability Target, Low Probability Reversal
Medium Red = High Probability Target, Medium Probability Reversal
Lightest Red = Low Probability Target, High Probability Reversal
Stay tuned for further developments.
Best,
Chartistry
USDCAD is looking at a potential top with the current upside move. Following the Daily chart we are looking at a potential Head and Shoulders Pattern that would also help us define point 4. That rationale in and of itself is speculation since point 4 is near impossible to predict in a WW.
Looking at the higher time frame we get this view of the potential downside move.
Consider the following:
Darkest Red = Very High Probability Target, Low Probability Reversal
Medium Red = High Probability Target, Medium Probability Reversal
Lightest Red = Low Probability Target, High Probability Reversal
Stay tuned for further developments.
Best,
Chartistry
Comment:
USDCAD hit the second target as expected in H4 time frame.
Price was stopped short precisely at the structural level Defined in the Daily Chart.
Price was stopped short precisely at the structural level Defined in the Daily Chart.
Although the Geo was invalidated, the Highest Probability target was hit. I expect the Medium Probability target be hit and for that area to act as a catalyst for the higher time frame WW in progress.
Best,
Chartistry