Hello traders , USDCAD in daily timeframe ,This analysis is prepared in daily timeframe but has been published for better view in 2 days timeframe.
According to the count, Waves 1, 2, and 3 of a leading downward trend have ended and are now within their Wave 4 wave.
The general structure of wave 4 is a zigzag structure, and from this zigzag, waves a and b are formed in the form of a channel, and now there is no doubt between the end or incompleteness of wave c.
Wave c in our opinion has another 5 waves to complete and we will have the view until the bottom of the orange channel is broken.
But wave 5, if formed, would be very tight considering the weakening of the dollar, which would be similar to a triangle or a sideways trend.
I also have a harmonious pattern in this area that can be a confirmation of this ascent.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
According to the count, Waves 1, 2, and 3 of a leading downward trend have ended and are now within their Wave 4 wave.
The general structure of wave 4 is a zigzag structure, and from this zigzag, waves a and b are formed in the form of a channel, and now there is no doubt between the end or incompleteness of wave c.
Wave c in our opinion has another 5 waves to complete and we will have the view until the bottom of the orange channel is broken.
But wave 5, if formed, would be very tight considering the weakening of the dollar, which would be similar to a triangle or a sideways trend.
I also have a harmonious pattern in this area that can be a confirmation of this ascent.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️