1. Reversion to the mean. We have just broke down through a , and now will more than likely bounce and test broken .
2. SCMR- My killer software is signaling a potential reversal on several intra-day time-frames.
3. According to my research, this seems to be a valid .
4. Oscillators are primed for a pump/bounce, sorry you will have to excuse my lingo lol.
5. Pattern completes at the .764 of the last move down.
I am currently long for the move up, but will follow my plan accordingly and sell on completion of the pattern. Good Trading!
- It is not a butterfly pattern. It is Gartley or BAT pattern, Almost touched 61.8, but didn't, It closed under the 50.
- See previous resistance levels, it is more likely a BAT pattern.
- As I said, still many resistance levels need to be conquered, so just hold an eye on it.
- A valid advance harmonic pattern need a completion of D leg.
- It broke down the channel, but it violated by making a higher high.
- Actually is sideward trading because the conflict between (strong) USD and CAD (oil, instability of mid east)
- Now long is possible, as long as no more bad fundamental news from middle east, such as escalation between Russia and Turkey, or any oil situation.
- Wednesday after the Weekly Inventory Report of oil, the oil was bullish, just a bit more than a hour ago testing the resistance level. If the oil keeps bullish, there is a chance that USDCAD will bearish
good luck and good trading