The corrective rally since the 2020 low could be a 2 year triangle or rising wedge which is currently testing support. Interest rate will continue to rise and growth forecasts are being slashed. Returns from stocks will be lower than expected and a recession is highly possible.
NZD/CAD has tested the outer warning line twice and looks like its found support. I think from here it can go higher than the recent high and a longer term trade would be to hold to retest the high this might take 6 months.
Really like how the retest is looking today.
This could be wave 3 inside wave 5 up.
T1 = 0.88
T2 = 0.905
Consolidation in price could lead to another strong move to the upside. Finding support near a lower medium line and inner warning line on two schiff pitchforks. Retracement from the high at 62%, but need to wait for confirmation of upward move.
Looking at the chart once prices hits the centre medium it could act as support. Price could be looking to go higher from here or continuing the consolidation pattern in the form of a triangle on the weekly and daily timeframes.
Look for this to move higher shortly or will it correct some more? I think we have another wave (V) up to complete this wave. But there is some bearish divergence building up on the RSI
So I think there is another corrective wave (C) down to form a running or expanding flat
Sitting through a small correction on Sugar (hopefully) this may go down to the upper medium line to hit support and then start a Wave V to the upside to target the outer warning line of the pitchfork. This is inline with a previous high which may form resistance.
On the monthly log chart, we're at an interesting line of resistance. So is it a single zig-zag correction or its it a triangle with another leg down?
The current wave looks quite impulsive so it could go higher from here, signalling an ABC is complete. The CAD should be strong due to rising energy costs. So I feel more bullish than bearish. Let's wait and see,...