USD/CAD: wave analysis
04 December 2018, 08:40
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3176 |
| Take Profit | 1.2887 |
| Stop Loss | 1.3337 |
| Key Levels | 1.2887, 1.3337, 1.3574 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3340 |
| Take Profit | 1.3574 |
| Stop Loss | 1.3260 |
| Key Levels | 1.2887, 1.3337, 1.3574 |
The pair may decrease.
On the 4-hour chart, a downward correction of the higher level develops as the wave 2, taking a flat shape. Now the wave b of 2 has formed, and the development of the wave c of 2 has begun, within which the wave (i) of c is forming. If the assumption is correct, the pair will fall to the level of 1.2887. In this scenario, the critical stop loss level is 1.3337.
Main scenario
Short positions will become relevant below the level of 1.3337 with the target at 1.2887. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3337 will let the pair grow to the level of 1.3574.
On the 4-hour chart, a downward correction of the higher level develops as the wave 2, taking a flat shape. Now the wave b of 2 has formed, and the development of the wave c of 2 has begun, within which the wave (i) of c is forming. If the assumption is correct, the pair will fall to the level of 1.2887. In this scenario, the critical stop loss level is 1.3337.
Main scenario
Short positions will become relevant below the level of 1.3337 with the target at 1.2887. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3337 will let the pair grow to the level of 1.3574.
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