EverythingForex

UPDATE: USDCAD: Traingle In Development With Lower Prices Ahead

FX:USDCAD   U.S. Dollar/Canadian Dollar
570 0 16
Twelve days ago, I posted this chart and post about this pair:

USDCAD Analysis: Traingle In Development With Lower Prices Ahead

You can see for yourself what happened after I posted that chart. If you followed my analysis, good for you! Since I'm no longer allowed to publish results as it seems to annoy some people here that my analysis and predictions are correct, I'll leave it up to you to judge for yourself.

So now that prices have dropped as I had predicted, now what? Well, as I see it, there is probably another drop in store for this pair before any kind of meaningful reversal will occur. By my wave count, this down trend's last 5-wave movement isn't complete and will still try to aim for the MAJOR uptrending TL below. Does it HAVE TO get there? Absolutely not! Market doesn't have to do anything! Only what it will do. But likelihood is that prices still will move down some. Right now, it seems to be stuck in forming some kind of consolidation pattern (maybe an expanding pattern of some sorts?) that will lead to a probably spike down and then that may form the ending to this down trend. All of which I am seeing as only the wave (A) of a much larger pattern. It's all described in detail in my MAJOR ANALYSIS I just released on this pair. It's on my website if you want to see it. Sorry. Subscribers only.

So back to this chart here. There is also a POTENTIAL Crab that is near to completion. Again, will it complete? Will prices drop low enough to fill its' D point? And if it does, then what? All questions I can't answer. Only time can. But I know what I want to see happen for me to consider a BUY trade! Do you?

I've released a MAJOR ANALYSIS on this pair that is available on my website if you care to go look. The complete analysis is only available to paid members. Other MAJOR ANALYSIS released are on USD-JPY             , EUR-USD             , AUD-USD             and GBP-JPY             with more on the way. If you trade any of those and would like to see them, consider subscribing. Go to: www.efxselect.com.

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Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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