Well, i decided to share my in depth analysis on USDCAD.
So let's start on November 2007 the usdcad price bottomed at 0.9 area, then it bounced hard consolidated a bit and went on a extreme rally that topped on March 2009 after bulls failed to push higher then 1.3 area, then bulls got punished hard by bears followed by a brutal bear-market that end after 5 years almost at the end of 2014.(The price bottomed on july 2011) and started to from a rounded bottom into the 50% fib level and at the end of 2014 finally bulls were able to break after such a long accumulation in such a small range.
Let's talk about the first 1-5 wave i think that the first impulse started at the price 1.02 and the wave 1 (at the price of 1.125) ended on 50% fib then we got the pullback which is wave 2 and when we broke 50% fib the price went into a parabolic wave 3 (at the price of 1.3) that stopped at the 2009 top level, then we saw a mini-pullback-wave 4 (at the price of 1.2 ) and the price went into final parabolic move wave 5 (at the price of 1.47) which ended at 300% extension. After such a massive move from bulls without a significant pullback at the start of 2016 (at 1.47) bears are marking the top and the major pullback is starting ( a classical ABC correction ended at the price of 1.2). Then bulls gained ground and we went into a 1-5 wave with a parabolic fifth wave which ended at the top of 2016 at the price of 1.47 and currently the price is printing one more ABC correction formation.
Now the currently situation the price is at 200 weekly MA, in a potential "C" wave. For the long run i am aiming for 1.6 level fro USDCAD.
* For those who are saying that we are forming a double top pattern, -this is not a double top until we break below 1.2 level.
-CryptonikLion
So let's start on November 2007 the usdcad price bottomed at 0.9 area, then it bounced hard consolidated a bit and went on a extreme rally that topped on March 2009 after bulls failed to push higher then 1.3 area, then bulls got punished hard by bears followed by a brutal bear-market that end after 5 years almost at the end of 2014.(The price bottomed on july 2011) and started to from a rounded bottom into the 50% fib level and at the end of 2014 finally bulls were able to break after such a long accumulation in such a small range.
Let's talk about the first 1-5 wave i think that the first impulse started at the price 1.02 and the wave 1 (at the price of 1.125) ended on 50% fib then we got the pullback which is wave 2 and when we broke 50% fib the price went into a parabolic wave 3 (at the price of 1.3) that stopped at the 2009 top level, then we saw a mini-pullback-wave 4 (at the price of 1.2 ) and the price went into final parabolic move wave 5 (at the price of 1.47) which ended at 300% extension. After such a massive move from bulls without a significant pullback at the start of 2016 (at 1.47) bears are marking the top and the major pullback is starting ( a classical ABC correction ended at the price of 1.2). Then bulls gained ground and we went into a 1-5 wave with a parabolic fifth wave which ended at the top of 2016 at the price of 1.47 and currently the price is printing one more ABC correction formation.
Now the currently situation the price is at 200 weekly MA, in a potential "C" wave. For the long run i am aiming for 1.6 level fro USDCAD.
* For those who are saying that we are forming a double top pattern, -this is not a double top until we break below 1.2 level.
-CryptonikLion