dojitrader
Long

Unusual 3 Drive Potential ???

FX:USDCAD   U.S. Dollar/Canadian Dollar
198 0 2
I think it's rather rare to find a 3 drive with 1.618 as the swing points.
This looks fairly harmonic even though the bounce from D1 was extremely
shallow - this pattern also seems to combine with bottom trend line
and support from way back in August.
If this is also the end of a larger degree 4th Elliott Wave , as many counts
have suggested the profit potential is massive. At the very least, as 3 drive
usually do, they retrace back to the origin of the pattern about 1.3400 +
Stops seem to be a bit tricky with such a large support zone, so, as always
I'm hoping the candlesticks will provide a clear entry trigger and small stops.
However, since 1.618 fib ext usually finds some sort of quick response I think I'll
put in limit order for half position @ 1.2940 with stops around 1.2989
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