USD/CAD: wave analysis
21 September 2017, 09:19
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.2346 |
| Take Profit | 1.1950 |
| Stop Loss | 1.2480 |
| Key Levels | 1.1950, 1.2430, 1.2660 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.2440 |
| Take Profit | 1.2660 |
| Stop Loss | 1.2370 |
| Key Levels | 1.1950, 1.2430, 1.2660 |
Correction is still on. The likelihood of a decline remains.
On the four-hour chart, the development of the downward momentum continues within the wave С of the higher level. At the moment, apparently, the final fifth wave v of C is formed, within which the upward correction as a wave (iv) was completed. If the assumption is true, the fall in the pair will continue to the level of 1.1950 within the fifth wave (v)of the lower level. The level of 1.2430 is critical for this scenario.
Main scenario
Sell the pair below the level of 1.2430 with the target of 1.1950.
Alternative scenario
Breakout of the level of 1.2430 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 С of the higher level. At the moment, apparently, the final fifth wave v of C is formed, within which the upward correction as a wave (iv) was completed. If the assumption is true, the fall in the pair will continue to the level of 1.1950 within the fifth wave (v)of the lower level. The level of 1.2430 is critical for this scenario.
Main scenario
Sell the pair below the level of 1.2430 with the target of 1.1950.
Alternative scenario
Breakout of the level of 1.2430 will allow the pair to continue its growth to the level of 1.2660.
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