FX:USDCAD   U.S. Dollar/Canadian Dollar
100 2 4
As you can notice, I did not yet removed the 1-5 elliott wave formation on the chart, as it is not INVALIDATED yet and it is still a very much viable path. There are two (2) important points marked on the chart (marked as SIGNIFICANT RESISTANCE). Watch out these points. Especially the top point is quite strong. It is the Apex of a narrowing triangle and also has a level which coincides with a large Resistance cluster (shown on chart as well). The entire triangular correction seems like an ABC correction and the traditional wisdom tells us that the price eventually had to go down to at least 1.22 levels where the Neckline of the large Head and Shoulders formation is. Long traders shall be extremely careful, as there is absolutely no long term bull trend detected yet. Short traders shall watch overbought indicators and try to sell short when a strong thrust appears at lower time frames. Stops for short traders shall be more tight. Good Trades
Really appreciate the comments associated with the chart
TRDVMA barry__thompson
you're welcomed.
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