UPDATE #1: ANALYSIS: USDCAD - Falling Soon? When and How Far?

In my last post on this pair (see Related Ideas: "ANALYSIS: USDCAD - Falling Soon? If So, When and How Far?"), I predicted that this pair was poised to start falling. While I thought it was supposed to go higher before falling, it did not. But it did fall. But is this just a small fall before going higher? Or is this the start of something BIG? Let's see what could happen.

What you are seeing above is my view of what just happened with the recent price moves. These recent price moves seems to suggest that there is a possible very large FALL that is coming. But not so fast. There is still another move back up needed to set it all up.

WAVE COUNT
Prices are currently in a wave (iv) retrace back up from that recent fall down. That fall down is a typical wave 3 action. In this case, a wave (iii). The wave (iv) should go back up into the MAJOR SR Structure just above. Then a wave (v) down to finish off the wave 1.

PATTERNS
A COMPLETED Bat (neon green) triggered that fall and played out PERFECTLY. Now prices are nearing to complete a POTENTIAL Bat. Its' completion should mark the end of the wave 1 down and wave 2 up should commence.

4HR Chart
MY TRADE PLAN
I will wait until that POTENTIAL Bat completes and then watch price action to see if there is a good BUY opportunity. If not, then the REAL ACTION will come AFTER the wave 2 has completed. Then I will be ALL OVER the next move down! A wave 3!

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