Alternative 1 and 2 of USDCAD
I see this pair going up/long in the near future but for now, there seems to be a contracting triangle forming and I see this as a sign by having the inner wave giving us impulse and corrections.
Elliot wave principle states that Triangle is a pattern seen during sideways market consolidations and is composed of 5 corrective sequences. It presents a balance of forces between buyers and sellers, causing a sideways movement that is usually associated with decreasing volume and volatility.
I see this pair going up/long in the near future but for now, there seems to be a contracting triangle forming and I see this as a sign by having the inner wave giving us impulse and corrections.
Elliot wave principle states that Triangle is a pattern seen during sideways market consolidations and is composed of 5 corrective sequences. It presents a balance of forces between buyers and sellers, causing a sideways movement that is usually associated with decreasing volume and volatility.
Comment:
Triangle invalidated. Now just a simple WXY structure.