FX:USDCAD   U.S. Dollar/Canadian Dollar
699 6 30
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I expect to see at least 1 leg higher by means of a wave 5 in orange to target our long term target at 1.34.
Watch for the consolidation to complete before buying USDCAD             . I prefer to see a more significant retrace than what we see so far after the bullish move on Friday.
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Comment: This is what I like to see guy's, the more significant correction is in progress. Let's see whether it turns into a nice bullish flag. Then buy the continuation.
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Comment: example of possible consolidation and what to look for:
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Comment: It turns out we saw a Flat correction for the USDCAD (if we don't invalidate the buy set-up).
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I personally didn't trade this pair but the entry was valid. Nevertheless wait for the next confirmation and you will more than make up for it.
Safe trades!
Comment: Buy set-up invalidated, no trigger and we will reevaluate.
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good chart !man
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hello Tim, Is possible that the correction is finished? the last wave on micro count is (abc-x-abc)
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TimStuyts bolsistico
Yes it could be but let's wait for the confirmation. Just a note in general for those who like to count waves. Keep in mind probability, Elliott wave is showing fractals and combinations are therefore less likely than zig-zags for example. Try not to find the most complex wave count but keep in mind what move will be corrected. My Fibonacci ratio is based on what I see as a wave 3 (of lesser degree). I think we saw a simple zig-zag lower OR we saw a the start of a combination lower. But you only count a combination when counting the same wave degree as the previous impulse. What I notice is that most analysts mix up wave degrees. I don't want to offend anyone and respect effort and dedication a lot but I hope this might help you when counting waves. My course will be launched in September where I will explain it all and show live examples for clarification. I will share an example of this pair but in general for now, watch for a 1-2-3 reversal followed by break out of the channel.
+1 Reply
bolsistico TimStuyts
Ok Tim, thanks for you observation
Reply
TimStuyts bolsistico
you're welcome!
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I prefer to shorting this pair around C zone...
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