GBPCAD: Bracing for Bearish Wave 5
Updated
Hello Traders,
Here is my current outlook on GBPCAD.
In our previous analysis, we effectively identified the initiation of Wave 3 or Wave C, and we entered the market at 1.70913. Presently, GBPCAD seems to be in the final stages of a corrective Wave 4. Provided that the existing resistance zone holds, we foresee a subsequent break of the trendline to the downside, potentially followed by a retest to confirm our directional bias (conservative approach).
Should this scenario unfold as expected, we expect an impulsive bearish movement within Wave 5, with a downside target of 1.62283.
Our invalidation level is at 1.6863, signifying that the projected scenario would cease to be valid if this level is broken to the upside.
Cheers!
Here is my current outlook on GBPCAD.
In our previous analysis, we effectively identified the initiation of Wave 3 or Wave C, and we entered the market at 1.70913. Presently, GBPCAD seems to be in the final stages of a corrective Wave 4. Provided that the existing resistance zone holds, we foresee a subsequent break of the trendline to the downside, potentially followed by a retest to confirm our directional bias (conservative approach).
Should this scenario unfold as expected, we expect an impulsive bearish movement within Wave 5, with a downside target of 1.62283.
Our invalidation level is at 1.6863, signifying that the projected scenario would cease to be valid if this level is broken to the upside.
Cheers!
Note
Since we got the trendline break, we are now +60pips in profit.Note
Since publication of this outlook, we have had over +110pips move in our direction. We expect further move to the downside as presented above, more than 300pips up for grasp. Trade closed: stop reached
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