USD/CAD: wave analysis
18 September 2017, 09:36
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.2185 |
| Take Profit | 1.1950 |
| Stop Loss | 1.2265 |
| Key Levels | 1.1950, 1.2240, 1.2660 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.2250 |
| Take Profit | 1.2660 |
| Stop Loss | 1.2525 |
| Key Levels | 1.1950, 1.2240, 1.2660 |
The pair is expected to decline.
On the four-hour chart, the development of the downward momentum continues within the wave C of the higher level. At the moment, apparently, the final fifth wave v of C is formed, within which the correction as a wave (iv) has ended. If the assumption is true, the fall will continue to the level of 1.1950 within the fifth low-level wave (v). The level of 1.2240 is critical for this scenario.
Main scenario
Sell the pair during the correction, below the level of 1.2240 with the target of 1.1950.
Alternative scenario
Breakout of the level of 1.2240 will allow the pair to continue its growth to the level of 1.2660.
On the four-hour chart, the development of the downward momentum continues within the wave C of the higher level. At the moment, apparently, the final fifth wave v of C is formed, within which the correction as a wave (iv) has ended. If the assumption is true, the fall will continue to the level of 1.1950 within the fifth low-level wave (v). The level of 1.2240 is critical for this scenario.
Main scenario
Sell the pair during the correction, below the level of 1.2240 with the target of 1.1950.
Alternative scenario
Breakout of the level of 1.2240 will allow the pair to continue its growth to the level of 1.2660.
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