I've spotted late this alternate ABCD pattern. Alternates are any pattern where AB=CD. There are the standard ABCD patterns that are well known.
I'm exploring and learning from alternates to see what degree of corrections to expect. This set up is therefore observational only.
I show a rare trend switch on CADNOK for the south on the daily time frame. This usually means business. CADNOK is a very violent pair to trade but potentially one that can deliver. Wide stops and big account sizes are needed.
CADNOK is normally a WTI/BRENT spread pair but in this instance, I feel that the Norges bank rate hike may be priced in somewhat. On the other end of the scale the Canadian Dollar looks slightly undervalued and if WTI continues on this amazing run we could see some CAD appreciation.
Long term I am looking for the NOK to pull back against most crosses as all of...