USD/CAD: wave analysis
21 May 2018, 09:23
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.2873 |
| Take Profit | 1.3126 |
| Stop Loss | 1.2727 |
| Key Levels | 1.2520, 1.2727, 1.3126 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2720 |
| Take Profit | 1.2520 |
| Stop Loss | 1.2790 |
| Key Levels | 1.2520, 1.2727, 1.3126 |
The pair can grow.
On the 4-hour chart, the development of upward trend within the third wave of the higher level 3 continues. Now the third wave of the lower level iii of 3 is forming, within which the development of the local correction as a wave (ii) of iii has ended, and the formation of the wave (iii) of iii has begun. If the assumption is correct, the pair will grow to the level of 1.3126. The level of 1.2727 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2727 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 1.2727 will let the pair go down to the level of 1.2520.
On the 4-hour chart, the development of upward trend within the third wave of the higher level 3 continues. Now the third wave of the lower level iii of 3 is forming, within which the development of the local correction as a wave (ii) of iii has ended, and the formation of the wave (iii) of iii has begun. If the assumption is correct, the pair will grow to the level of 1.3126. The level of 1.2727 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2727 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 1.2727 will let the pair go down to the level of 1.2520.
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