EuroMotif

USDCAD has one little dip to go? UC dip below 1.3--- once more?

EuroMotif Mod Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Quick post to see if EW and Fibs play out/

I think we are in a wave 4 of 5, and still have a w5 of 5 to go.
Of course, betting on w5 of a w5 is NEVER a good idea, so just putting this out there for practice.

Wave 5's are notorious for not extending beyond the 3 (double bottom) or having completed already within the 3.
So this is JUST for fun, but lets see how it plays out.

I am confident the price will at least NOTICE my zones when it gets to any of them.

Background: The above is a follow up to my previous Idea which called for the bounce
Comment:
UC might be turning at my first resistance zone.
Or at least it is noticing it and has to regroup to break it.
Comment:
UC loves to double test resistance, and looks to be doing so.
Lets see what happens here, will be very telling
Comment:
Here we are, the moment of truth
Comment:
Since last update, UC did drop quite a bit from that double top in pic above. But then came econ news and Trump. And now we have this pesky -1.618 extension holding things up. I still think it wants to finish a wave 5 down.
Comment:
Sure enough, that pesky 1.618 fib looks to have bounced it.
So I guess we had a 'truncated' wave 5.

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.