AUDCAD Short Trade for 200+ pips
Updated
AUDCAD is making a retracement on its longer term downtrend move.
We are probably on W4 (red) on a larger W2 (blue) and even larger W2 (green). I expect pullback to be limited to W1 (red) bottom @0.96583. We also have a couple of trendlines that serve as resistance.
Target is minimum W3 (red) bottom @0.94178, but W5 (red) could extend a lot further.
We are probably on W4 (red) on a larger W2 (blue) and even larger W2 (green). I expect pullback to be limited to W1 (red) bottom @0.96583. We also have a couple of trendlines that serve as resistance.
Target is minimum W3 (red) bottom @0.94178, but W5 (red) could extend a lot further.
Note
Forgot to mention that W1 (red) also coincides with 0.618 FIB from W2 (red) to W3 (red), which makes it a high probability resistance level.Note
Price is close to reaching the entry target. Wave (b) (Orange) was probably completed at the Aug 17 dip (it reached 38.2% level).I believe we are in the final leg of Wave (c) orange.
Order cancelled
Retracement only reached .50, so I didn't take the trade...
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