Wave IV is ending and looks like CAD will go down. Move detailed markup in my Twitter twitter.com
Here we see probably in ending of wave C and we still should make last wave 5. A final move UP
Next move depends on what kind of correction is wave (Y). If is ending diagonal triangle then we will fall soon. If it is a ZigZag and triangle is a wave B when C should be next move up. Anyway, we have a clear invalidation levels here.
We have WXY correction, and bitcoin will probably fall. I will recommend to close long positions and wait for wave C over. It might be a zigzag or twiangle. We will see. From the technical side we have Head and Sholders indicates ending of wave C in (B) and a beginning of new trend down. Target will be 3000. If we go up from this level expecting a good trend up...
Looks like correction of EURUSD is over soon. Also we see good MACD divergence common in wave 5 ending. But we need a confirmation. This confirmation will be closing below 1.183.
Bitcoin is finishing wave C of expanded flat. We will touch 3400-3300 again as part of wave 2 correction. Then it should be two scenarios: 1. Huge wave 3 impulse up to 5300-5500 (more likely) 2. Sideway correction continues down 3300 up to 3000. Invalidation of the scenario: price falls below the level 3000;
The correction will be over soon and we go to 6000 to complete wave V. For now I would recommend start to enter long now and from lower up to 3000. If price fall far below 3000 this means cancelation of trading setup.
WXY correction (double zig-zag) is making wave W in second zigzag. We should not go below 3000, but probably price will touch level 3000 couple of times. After that wave IV will be completed and we go up to 6000.
BITSTAMP:BTCUSD After flatting it should go down to area 3200-3000, then optimistic targets is 7000 - 8000 or 5000 in bad case
Waiting for correction to enter Short. If price touch 1.19 before correction ABC will be completed and we need to go Long then.
I am waiting for WX wave up to 4500 - 4650 area. Then we should go down to 3300-3000. Wave (Y) is still finishing forming or ended. We see a clear ABCD pattern with potential Long opportunities.
Impulse wave C is ending but it should be some correction before we made a final move to level 1.20. My recommendation to wait for wave 4 correction and then Short from 1.233 and 1.24 with target 1.20. Then in long run after 1.20 usdcad should start growing.
Wave (iv) of 3 (of 5 of 5 of impulse C) is ending so we should have a good up trend to 56 next week.
EURUSD will go a bit up to complete wave 5. Then correct to 1.15 as an optimistic scenario.