On the USDCAD we can see an impulsive move that started at the start of 2016. It dropped 2208 pips in 98 days. After that we had a retracement back up, but that retracement is not going nearly as fast as the drop. The retracement took 243 days for 1100 pips. What does this mean? Bears are stronger than the bulls.
"Massive" move down... coming still will be waiting
paulselvan
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Hi ,Good idea to see by date and price ranges all operating forces.
But why do you think that retracement is finished by 243 days/1100 pips?
Thanks
11021992
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@paulselvan, Thanks for your reply. Mainly because price hasn't really been moving much. Maybe we can see a move further up to 1.38000 area, which is the 61.8% Fibonacci retracement of the downwards move. That would make a perfect AB=CD pattern.
paulselvan
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@11021992, So you didn't focus on any time cluster but only expressed increasing bears power : intersting approach.
11021992
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@paulselvan, Well we already made a lower low, so that COULD be the end of the uptrend. I like to keep things simple.