Hi Traders!
The USDCAD H4 chart shows that the rally from 1.32499 to the top at 1.34501 is an impulse Elliot Wave structure. It has since made a deep corrective structure in wave "ii" which seems to have completed and unfolded as a zigzag pattern.
Wave "ii" terminated at 78.6 Fib ratio of wave "i" and also last daily price action closed as bullish pin bar at support level signaling the completion of the correction.
A buy order is ideal with a stop below the daily pin bar low but am going to be conservative on this setup and allow the price to break the Counter Trend Line for more confirmation.
Thanks for reading!
Veejahbee.
The USDCAD H4 chart shows that the rally from 1.32499 to the top at 1.34501 is an impulse Elliot Wave structure. It has since made a deep corrective structure in wave "ii" which seems to have completed and unfolded as a zigzag pattern.
Wave "ii" terminated at 78.6 Fib ratio of wave "i" and also last daily price action closed as bullish pin bar at support level signaling the completion of the correction.
A buy order is ideal with a stop below the daily pin bar low but am going to be conservative on this setup and allow the price to break the Counter Trend Line for more confirmation.
Thanks for reading!
Veejahbee.