We should be tracking USDCAD very closely today ahead of the BoC statement and rate decision. On the hourly chart we are looking at impulsive decline that can continue to around 1.2600 level, but would love to see a three wave retracement up into wave 4). Ideally any bounce will slow down at 1.2850-1.2920 area.
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Yes that type of overlap(wave 4 goes into territory of wave 1) we call a Leading diagonal, that can only appear in wave 1 of an impulse or wave A. It is a wedge shape within two converging lines, but on this count we did not include them(converging lines), my mistake.
Greg, I know you have a downside Target that will reach lower butt following another guy who figures oil will go down and test the Low's again, dude you see any sort of scenario. Because of his great advice I'm sitting on a negative $700 short