it has breached the base channel in the downside so I'm inclined to think we are in a motive wave down.
Target sell price is 318 to 0.5 of wave 3, since wave 1 has retraced to 618. aiming for the wave 5
I think this is the count for CADUSD at the moment.
As you can see in the chart, it seems that we're on heading towards completing the fifth green wave, which would complete the higher yellow wave.
I think there is a possibility for going long in the fourth green wave
P.S The previous count had assumed the yellow five waves were about to complete, which was...
I canceled the previous trade because I think this is actually the count, and first wave up is complete. Therefore I am going to place orders just above 381 5 and 618 retracements, with a stop loss below 718, aiming for 1:1 third wave of the first wave
i have also considered Elliot wave counts.
My target for the short is a little lower than the 0.618 retracement target, but I think its justified given that the support/resistance and also the larger waves being unclear.