Exploring the AUD/CAD pair on the 30-minute timeframe, I'm observing an intriguing Elliott Wave structure unfolding. This type of detailed analysis allows me to anticipate potential market turns and continuations.
From my vantage point, we've navigated through a bullish impulse wave, marked by a five-wave progression. This leads me to believe we're now due for a corrective sequence, typically characterized by an ABC pattern in the Elliott Wave framework.
As wave (5) appears to conclude, I'm projecting potential targets for the upcoming retracement using Fibonacci ratios. The levels to watch for the completion of wave (a) of the correction are 1.0 Fibonacci extension at 0.88620 and the more substantial 1.618 extension at 0.88761, which could provide strategic support zones.
I'm on the lookout for confirmatory signals that could mark the end of the correction and the start of a new impulse wave. This could present an excellent opportunity for traders to consider their positions in alignment with the dominant trend.
I'll be updating my analysis as the pattern develops to stay in tune with the market's pulse. Keep an eye out for my latest insights and let's catch the next wave together.
From my vantage point, we've navigated through a bullish impulse wave, marked by a five-wave progression. This leads me to believe we're now due for a corrective sequence, typically characterized by an ABC pattern in the Elliott Wave framework.
As wave (5) appears to conclude, I'm projecting potential targets for the upcoming retracement using Fibonacci ratios. The levels to watch for the completion of wave (a) of the correction are 1.0 Fibonacci extension at 0.88620 and the more substantial 1.618 extension at 0.88761, which could provide strategic support zones.
I'm on the lookout for confirmatory signals that could mark the end of the correction and the start of a new impulse wave. This could present an excellent opportunity for traders to consider their positions in alignment with the dominant trend.
I'll be updating my analysis as the pattern develops to stay in tune with the market's pulse. Keep an eye out for my latest insights and let's catch the next wave together.
Trade closed manually
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