5th wave remaining on USD/CAD ?
I don't believe price is going to break down just yet.
EW count key:
Purple with (circled numbers) - 1st degree wave
Green - 2nd Degree wave
Black - 3rd Degree wave
Blue - 4th Degree Wave
Red - 5th Degree
My Elliot Wave count says a small 5th wave in the Red 5th degree remaining, however I am not convinced. It appears to be forming a truncated 5th wave but that is not possible as the 4th (Blue) and 3rd (Black) have to be in their 5th wave as well to form a truncated 5th wave... (as far as I remember). My EW count is not reliable so I'm going to discount it.
RSI shows 2 things.
1 - Not oversold yet on 1D chart.
2 - Hidden Bullish divergence (see red verticals lines and red arrows on RSI). Price forms higher lows, but RSI forms lower lows indicating further upside to come.
Price had a false break out of channel resistance, but came back inside, then tested trend line as resistance again.
Possible ascending wedge pattern in play.
EW count key:
Purple with (circled numbers) - 1st degree wave
Green - 2nd Degree wave
Black - 3rd Degree wave
Blue - 4th Degree Wave
Red - 5th Degree
My Elliot Wave count says a small 5th wave in the Red 5th degree remaining, however I am not convinced. It appears to be forming a truncated 5th wave but that is not possible as the 4th (Blue) and 3rd (Black) have to be in their 5th wave as well to form a truncated 5th wave... (as far as I remember). My EW count is not reliable so I'm going to discount it.
RSI shows 2 things.
1 - Not oversold yet on 1D chart.
2 - Hidden Bullish divergence (see red verticals lines and red arrows on RSI). Price forms higher lows, but RSI forms lower lows indicating further upside to come.
Price had a false break out of channel resistance, but came back inside, then tested trend line as resistance again.
Possible ascending wedge pattern in play.
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.
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.