USDCAD- When you are wrong in waves from high@1.3306

FX:USDCAD   U.S. Dollar/Canadian Dollar
113 0 5
One of the cardinal rules of elliottwave- wave 4 can never ever go into wave 1 region - from highs 1.3306 -this fall has been in 3 waves down. From 1.3306 to 1.3185 -called as wave 1 -then wave 2 from 1.3185 to 1.3220 -finally from 1.3220 to 1.3101- wave 3

So what is next - obviously wave 4 -as all we know -wave 4 can never go in the wave 1 region- where does wave 1 completed at? - Yes, you are correct at lows 1.3185- wave 1 completed so when do you know your count is wrong -very simple, if UC             goes above 1.3185 which is wave 1 as per our assumption this count becomes invalid, so what are we left with - a corrected pattern & once it starts moving above 1.3220 - it will become A-B-C pattern.

Result- Going above 1.3185 -bears- a warning sign & going above 1.3220 -surely bears will be killed.

USDCAD- Turns down from wedge pattern-Heading for Target-1.3000
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder 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 Account and Billing Sign Out