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USDCAD to continue correcting against the H4 Trend

USDCAD Looks like it may be continuing it's trend to the upside from last year, after spending much of the time this year correcting.
  • So far we can see 3 waves to the downside, with a flat correction ending at the 50% of the move to the upside
  • The retracement on the first leg up is usually deep, indicating a high possibility of a double correction
  • Previous support at the 76.4% marks an ideal spot for a reversal

USDCAD - 4H Wave Count

As per the above chart, there are 3 waves to the upside mar…
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Jignesh avatar
Jignesh 3 Sep

With CAD data coming up within the next 24 hours, I expect the 1.0950 level to hold to complete the X wave, however, as long as the pair stays below the 1.10 handle this view remains valid.

Jignesh avatar
Jignesh 22 Sep

The pair made a new high, indicating that the correction was a single correction and not a double.  The wave count is no longer marked as WXY but a simple ABC.  There are already 5 swings to the upside and the pair has started to pull back, but it remains bullish against  1.0808 and it is not likely to see any further downside.  The setup is invalidated and I do not expect the targets to be hit.

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Elliott Wave Course 04: Corrective Wave

Lesson 4: Corrective Wave
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Maria_r avatar
Maria_r 27 Mar

Well

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