I'm currently evaluating a potential long opportunity for USD/CAD using Elliott Wave principles. According to my analysis, we're at the end of a corrective phase, and an impulse wave is likely emerging.
The market is now entering what appears to be an impulse wave, labeled as (5). The completion of the previous correction and the initiation of this new bullish wave suggest an excellent entry point for a long position.
For those considering entering the market, the start of wave (5) could be a solid opportunity. It's crucial to monitor the development of this wave for any bullish patterns or confirmation signals that reinforce the move higher. We're setting our sights on initial targets near the 1.37040 level, which corresponds to the 1.618 Fibonacci extension of the previous wave.
Please ensure you manage your risks effectively and align any trades with your personal risk tolerance. I’ll keep you updated as the scenario progresses.
The market is now entering what appears to be an impulse wave, labeled as (5). The completion of the previous correction and the initiation of this new bullish wave suggest an excellent entry point for a long position.
For those considering entering the market, the start of wave (5) could be a solid opportunity. It's crucial to monitor the development of this wave for any bullish patterns or confirmation signals that reinforce the move higher. We're setting our sights on initial targets near the 1.37040 level, which corresponds to the 1.618 Fibonacci extension of the previous wave.
Please ensure you manage your risks effectively and align any trades with your personal risk tolerance. I’ll keep you updated as the scenario progresses.
Trade closed: target reached
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