Hello traders , USDCAD in daily timeframe ,This analysis is prepared in daily timeframe but has been published for better view in 2 days timeframe.
According to the count, Waves 1, 2, and 3 of a leading downward trend have ended and are now within their 4th wave.
The general structure of wave 4 is a zigzag structure, and from this zigzag, waves a and b are formed in the form of a channel, and now there is no doubt between the end or incompleteness of wave c.
Wave c in our opinion has another 5 waves to complete and we will have the view until the bottom of the orange channel is broken.
The bottom of the orange channel was not broken and an ascent was formed, which is probably for wave 1 of wave 5 of wave c.
Wave a and b and wave c of wave 4 form half of the head and shoulder pattern and the rest of this pattern is formed by hitting the specified range and then the continuation of the ascent will be formed and formed to some extent.
And again, it is possible that another downturn will occur and then another uptrend will start, in which case this leading pattern will change from a compact state, that is, a leading triangle pattern, to a simple leading pattern.
However, this ascent is confirmed when the 1.28000 uptrend is broken.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
According to the count, Waves 1, 2, and 3 of a leading downward trend have ended and are now within their 4th wave.
The general structure of wave 4 is a zigzag structure, and from this zigzag, waves a and b are formed in the form of a channel, and now there is no doubt between the end or incompleteness of wave c.
Wave c in our opinion has another 5 waves to complete and we will have the view until the bottom of the orange channel is broken.
The bottom of the orange channel was not broken and an ascent was formed, which is probably for wave 1 of wave 5 of wave c.
Wave a and b and wave c of wave 4 form half of the head and shoulder pattern and the rest of this pattern is formed by hitting the specified range and then the continuation of the ascent will be formed and formed to some extent.
And again, it is possible that another downturn will occur and then another uptrend will start, in which case this leading pattern will change from a compact state, that is, a leading triangle pattern, to a simple leading pattern.
However, this ascent is confirmed when the 1.28000 uptrend is broken.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️