We recently broke the Support in USDCAD in the Daily timeframe and started falling sharply down. I tried to assign the Wave Counts for this down movement up until now.
We're currently facing a bearish contracting movement with overlaps in a bearish background which is called an Ending Diagonal. Some call it a Wolfe Wave and as Mr.Wolfe suggests the upside target would be at the touch of trendline connecting 1 to 4.
I'm taking the order when I get triggered in the shorter timeframe and will have 3 positions and close them at different Fib levels and structures. The Stop Loss would be at 100% price projection of wave three of the diagonal which will void the wave count.
I was anticipating a wave 4 top as well...got stopped out on it. Now I'm looking to buy dips in USDCAD as I think we just finished wave 1 higher off the May low.
DavoodWadi
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Good luck J!
manijeh.kazemi.33
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nice analysis Davood
IvanLabrie
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Good idea, wave 3 has to be the biggest.
IF ending diagonal, it's indeed a great setup.
The timing matches my crude oil chart...have you seen it?
DavoodWadi
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Interesting.
If these two work out, we would see short run rally in USDCAD.
I'm still looking for more bearish movements in higher degrees.
IvanLabrie
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I receive conflicting signals from gold and silver vs crude/dollar index.
Not sure what to think other than crazy is about to happen.