Here is my interpretation. After the wedge formation detected last week at the peak of the market, we had a correction. The previous bullish burst was quite strong, which makes me believe that the major down-trend is over. If I am correct, it would mean that this strong move was the first wave of a larger wave to come. This will bring us to the best of the waves,...
May unfold like this (or may be not). However, watch out USDCAD responsiveness to Oil these days. It will give clues how this pair may be going. Good Trades.
A possible move down is shown on chart as purple wave count up to the hourly support zone at 44$ range. The trend turning point predicted a while ago was almost on spot, as all wave counts were complete aligned with other technicals. Unfortunately I don't see any strong reaction for the USDCAD pair yet, which indicates that weakness is still there and CAD behaves...
1-Resistance zone 2-reached major trendline upper channel 3-ABC formation within the bear trend channel. Now watch and see if the bulls have more balls!
But no entry trigger (strong thrust yet). Here we have an updated chart. I believe the wave count is accurate. Previously I had an ABC pattern drawn from the peak, but now this pattern is pretty much invalidated and a 5 wave pattern (elliott wave) has emerged more or less (red colored on chart). The good new is that now we have also a WEDGE formation which extends...
The Oil has reached the peak IMO (see my last update remarks to Brent Oil). A short while ago there was a strong down move in Oil and this caused the jump that we see on this chart (see hand-mark). Today is the FED Rate day and I will try to keep away from any dollar related entry for obvious reasons. When the waters calm down, I will make a decision to enter...
Here is a more refined look at Oil and the technicals and why Oil should go down 1-Price touches the TOP trend line (cyan in color) 2-Wave counts seem all complete at almost all Time frames 3-The price has reached almost the middle range of the "weekly resistance zone" (red box with cyan borders) 4-There is an obvious bearish wedge formation visible at 60 min...
Resistance at lower trend line (cyan color) and a somewhat Head and Shoulders formation. I would suggest to wait for a strong down-thrust appearing at 1 hour level to enter short for increased odds. Good trades
All time frame wave counts seems complete.If correct, oil may go back to 36 $. This would also mean that USDCAD will start moving up.
As on chart -Doubletop at significant Resistance Zone Can go short at breakout to the Target shown on chart
I expect the 4th and 5th waves to complete as shown on chart (magenta colored count). After this, there will be a retracement, which very well could go back to the lower trend line. The Oil lines up with this scenario as well. I cannot tell though how much lower the price will go. The possibility that I favor is that there will be a half way retrace to 1.27 level...
-Minor-Major wave counts seem complete -Watch out piercing of trend line (blue line) -Resistance zone limit reached -Divergence at multiple indicators -Some strong sell-off for the last few hours, maybe considered as thrust. Do not start selling short until more confirmation.
Here is the latest and things has changed from the last analysis. I indicated an ABC correctional pattern, which is typical for correctional waves. This turned out to be a 1-5 elliott wave pattern (in cyan color). The last leg of this wave (5th wave) is almost done but not complete. IMO, we have another 4 and 5 waves to complete (in purple). The price is still at...
In the last Analysis, I mentioned about a possible Head and Shoulder Formation. This formation is clearly invalidated now. The pattern was there and moreover the neckline was broken text book perfect. The market played it's trick and continued the other way. On the other side, we are still not out of the woods as the price has NOT broken out of the Resistance Zone...
As can be seen on the weekly chart, the price rests on a major weekly support zone. Two things has not happened yet in order to claim that there is a trend reversal 1-The trendline (from III-IV on chart) has NOT been broken 2-There is no weekly reversal bar pattern. So that means technically we are stil and firmly l in a Bear market. Any Long position at this...
Very good poiint to long this pair 1-Possible Head and Shoulder completion of Right Shoulder level. 2-Short Term ABC pattern (shown on chart in red) 3-Long Term ABC patter (shown on chart in Blue) 3- Price at significant support (purple dahed line on chart) 4-Hammer pattern at higher Timeframes and Thrust at lower Timeframes. 5-Divergence in multiple indicators...
Potent Combination. Sell Short at breakout 2020