USD/CAD: wave analysis
16 August 2018, 09:49
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3117 |
| Take Profit | 1.3385, 1.3500 |
| Stop Loss | 1.2960 |
| Key Levels | 1.2740, 1.2960, 1.3385, 1.3500 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2955 |
| Take Profit | 1.2740 |
| Stop Loss | 1.3030 |
| Key Levels | 1.2740, 1.2960, 1.3385, 1.3500 |
The pair can grow.
On the 4-hour chart, the fifth wave of the higher level v of 1 develops. Now the formation of the local correction as a fourth wave (iv) of v has ended, and the wave (v) of v is developing. If the assumption is correct, the pair will grow to the levels of 1.3385–1.3500. The level of 1.2960 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2960 with the targets at 1.3385–1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2960 will let the pair go down to the level of 1.2740.
On the 4-hour chart, the fifth wave of the higher level v of 1 develops. Now the formation of the local correction as a fourth wave (iv) of v has ended, and the wave (v) of v is developing. If the assumption is correct, the pair will grow to the levels of 1.3385–1.3500. The level of 1.2960 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2960 with the targets at 1.3385–1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2960 will let the pair go down to the level of 1.2740.
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