USD/CAD: wave analysis
11 May 2018, 09:42
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.2759 |
| Take Profit | 1.3126 |
| Stop Loss | 1.2668 |
| Key Levels | 1.2520, 1.2668, 1.3126 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2660 |
| Take Profit | 1.2520 |
| Stop Loss | 1.2720 |
| Key Levels | 1.2520, 1.2668, 1.3126 |
The correction is ending. The pair can grow.
On the 4-hour chart, the upward trend is forming within the third wave of the higher level 3. Now the third wave of the lower level iii of 3 is forming, within which a momentum has formed as a wave (i) of iii, and the development of the local correction as a wave (ii) of iii, which has taken the shape of an irregular flat, is ending. If the assumption is correct, after the end of the correction the pair will grow to the level of 1.3126. The level of 1.2668 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2668 with the target at 1.3126. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2668 will let the pair go down to the level of 1.2520.
On the 4-hour chart, the upward trend is forming within the third wave of the higher level 3. Now the third wave of the lower level iii of 3 is forming, within which a momentum has formed as a wave (i) of iii, and the development of the local correction as a wave (ii) of iii, which has taken the shape of an irregular flat, is ending. If the assumption is correct, after the end of the correction the pair will grow to the level of 1.3126. The level of 1.2668 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2668 with the target at 1.3126. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2668 will let the pair go down to the level of 1.2520.
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