AUDCAD: Bullish continuation
Updated
I am looking only the strong daily down trend that began on 14-Mar-18. In our wave I was looking at it as the 3-rd wave up.
1.At 0.9490- 0.9505 price zone we can see a structure resistance zone cmming from left.
2.Daily trend line resistance coming from top.
3. The 3-rd wave was at 1.272 ext of the first wave and
4.Divergences on the 3-rd wave up
So in this situation the resistance zone was really strong in my opinion.
Expectations:
1.The first support zone could have been the A wave down of an ABC correction.
2.As long as the correction of the first wave was an ABC i was looking for a complex correction (flat; expaded flat; triangle etc)
3.On the third wave i was expecting at least 38.2% retracement that corresponds with the top of the firs wave.
Actually:
Price broke up the daily trend line and it is still going up as a 3-rd extended wave.
Now price can continue to extend its 3-rd wave or it can begin the correction as long as it is in a strong fib confluence zone again.
Resistance zones:
0.9520-0.9540 ; 0.9600-0.9620; 0.9796-0.9860
This is my only my opinion.
Good Luck!
1.At 0.9490- 0.9505 price zone we can see a structure resistance zone cmming from left.
2.Daily trend line resistance coming from top.
3. The 3-rd wave was at 1.272 ext of the first wave and
4.Divergences on the 3-rd wave up
So in this situation the resistance zone was really strong in my opinion.
Expectations:
1.The first support zone could have been the A wave down of an ABC correction.
2.As long as the correction of the first wave was an ABC i was looking for a complex correction (flat; expaded flat; triangle etc)
3.On the third wave i was expecting at least 38.2% retracement that corresponds with the top of the firs wave.
Actually:
Price broke up the daily trend line and it is still going up as a 3-rd extended wave.
Now price can continue to extend its 3-rd wave or it can begin the correction as long as it is in a strong fib confluence zone again.
Resistance zones:
0.9520-0.9540 ; 0.9600-0.9620; 0.9796-0.9860
This is my only my opinion.
Good Luck!
Note
✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.