josegarglex
Short

Two reasons to consider the USDCAD in downtrend.

FX:USDCAD   U.S. Dollar/Canadian Dollar
Two reasons to consider the USDCAD in downtrend.

1. This is last wave ( Elliot Wave 5) of Basic Motive Phase.

2. Then here begin a first wave ( Elliot Wave A) of Corrective Phase.

3. This is second wave ( Elliot Wave B) of Corrective Phase.

Note: This wave have inside two Elliot Wave .

a) Bull Market Truncation (Red Color and Completed)
b) Elliot Wave Basic (Blue Color and not Completed)

4. This is corrective wave ( Elliot Wave B) of Corrective Phase.

Note: This corrective wave has already started, missing the wave B (Uptrend) and C (Downtrend).

This is the SECOND reason to consider that the price will be BEARISH .

5. This is last wave ( Elliot Wave C) of Corrective Phase.

This is the FIRST reason to consider that the price will be BEARISH .
stream
4 months ago
My reasons are much more simple , but confirm yours . I fully agree with you

Good luck !
Reply
josegarglex stream
4 months ago
Thank you! And good trading
Reply
ganjingzhi
4 months ago
Hi, appreciate your work. However, I disagree with you. According to your drawing, wave 4 overlaps with wave 1. Therefore, I don't think this pattern is applicable to Elliott wave. Furthermore, USDCAD has negative correlation with crude oil price. Crude oil is gonna drop and USDCAD will soon shoot up.
Reply
josegarglex ganjingzhi
4 months ago
Thank you for your comments and good trading.
Reply
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