UsdCad has been in the most difficult corrective price action - for so long - that I'm definitely not qualified to analyze an accurate outcome ! But, if I were to guess, And I Love To Guess: This is the one I choose. The first 2 drives has respectable harmonics/symmetry but, the X wave correction, in what appears to be a double zig-zag from the September lows, was so shallow it has really messed up the harmonics of the 3rd and last drive. I'm thinking that the resistance @1.0660 which goes back to the support/resistance between 2005 and 2007 on the weekly chart will be the top. In this final zig/zag. The b leg may already be over (on 2hr chart) and we're looking at the last 5 legs up: but for now, looking for an a-b-c- flat before the C leg starts and should end with 5 legs up. Let's see how close or "unclose" ? my guess will be ! (even tho we are not playing horseshoes) The final answer will be what it all looks like if/when we reach 1.0660 !
Comments
dojitrader
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Annnnnd were off !!!!!!
Out on stops after a promising start . . .
maybe an extension of wave 5 - almost an ending diagonal . . .
but, I must confess I'm at a loss to analyze with out guessing even more
*and the results have been worse than if I was trying to tune a piano*
dojitrader
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Well, things are pretty close to expectations, although, instead of another new high we got 2 new highs.
Moving stops to 1.06819 -- thinking that if we get another new high at this point, it will be off to the races.
And invalids this analysis. Can't imagine that happening with all this corrective and overlapping price action
BUT, looking at the weekly chart one can not help but feel a little bullish.
dojitrader
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Well, the B leg wasn't much but, we have something close to 5 waves up. Drilling down on the 15 minute chart
allows for 1 more new high and I'm hoping it will be on my entry @ .10658 - of course - reversing immediately.
If this is already the top I'll have to look for another way to enter the trade.
Risking 35 pips for the possibility to make 200/260 pips.
Out on stops after a promising start . . .
maybe an extension of wave 5 - almost an ending diagonal . . .
but, I must confess I'm at a loss to analyze with out guessing even more
*and the results have been worse than if I was trying to tune a piano*