Since 5-6 weeks I became a great fan of Elliott Waves theory. However i'm pritty new in this. So I would appreciate ctiticism.
This is an absolute Elliot's Wave classic IMPULSE with classic ABC correction.
I believe there would be one more up to about FIB 0.618 before the corrective wave c is in action.
SELL after price is denied from the zone 1.3869 - 1.3700....
My bias is continued Dollar strength and my higher time frame analysis has USD/CAD bullish.
The pair are reacting around the 1 hour support (green line).
i would go long here expecting a pattern similar to the one drawn in purple
i'm already involved in a USDCAD trade, but for educational purpose i want to share with you this setup in lower timeframe.
As you can see in 4hr chart, we broke and closed below X, that invalidates our previous pattern (even though we're still in that trade) giving us reason to believe price is heading lower. Considering that, i search for selling...
Last weeks weekly low has been touched and there is no sign of price going any further then that level apart from the last big wick.
Enough bullish liquidity has been created along with tons of accumulation giving us enough juice to short towards the DAILY SR.
Price is touching 20 EMA so should retrace.
daily and weekly bullish blocks have been violated whilst...
Okay guys firstly it is NFP tomorrow, however USDCAD daily chart is indicating a swing in play. Therefore following technicall analysis we should see a weaken dollar, I would suggest to expect to see lows of 1.28500 within next week.
The pair appears to be approaching the 61.8% re-tracement level after find support around the 1.27654 level. I will be entering this one on a smaller time frame to try minimize my stop loss and maximized my Risk/Reward