GBPCAD has broken put of the 4 month corrective structure signalling that it has ended and the next impulse has begun, price has broken out and is now retesting the previous structure presenting a perfect opportunity for long positions.
That would be nice if we see a consolidation before thinking of a long position.
I am biased on a bullish movement, but the support can be broken triggering a "C" wave.
Happy New Year.
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GBPCAD has completed a bullish Gartley pattern on the hourly chart. The PRZ is tight and confluent with a S/R Zone. Entry is placed at the base of the PRZ with target at .382CD and SL outside of point X.
Confluence in the PRZ:
Gartley completion
1.618BC Projection
AB=CD
S/R Zone
GBPCAD is nearing the PRZ of a bearish bat pattern. This bat may continue the bearish movement to the completion of a larger TF bullish bat (see related ideas). Entry is placed at .886XA with SL at 1.13XA and TP at .618CD.
Confluence in the PRZ:
.886XA (Bat completion)
3AB=CD
1.618BC Projection
Larger TF BAMM Line (related ideas)
S/R Zone
GBPCAD has entered the PRZ of a bullish crab. The RSI is quite overextended as well, so a 38.2% correction is likely at these levels. Entry is placed at the base of the PRZ with target at .382CD and SL outside of 1.786XA.
Confluence in the PRZ:
Bullish crab
3AB=CD
5BC Projection
RSI Oversold
Bonjour,
The GBP has had a huge run but its come to a halt here lately. Is there a double top forming or are we seeing a new support area being established?
À bientôt,
Maxmilian DuPont
(www.myfxlifestyle.com)
GBPCAD Continues to correct against it's uptrend
So far, no indication that the correction has completed & The wave count calls for another leg lower to break 2.0575 for a new low, against 2.0863 highs.
Price has already reached the 50% Fib level - The Candlesticks on the shorter time cycles are showing signs of reversal, however the upside momentum to start the...
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SWING: Consolidation.
BULLISH FLAG TRADE:
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GBPCAD has five waves up from 1.9849 so current decline from above 2.0900 is going to be in minimum three waves. Ideally we will see a corrective a-b-c decline in wave ii that can be looking for a support near 2.0500, at the area of a former wave four.
www.ew-forecast.com
Counting waves.
Happy trading!
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