#USDCAD trading wave 4
The prolonged bullish impulsive move under wave 3 has likely come to an end.
This outlook is based on several confluences, including the formation of a rising wedge pattern, which is a bearish reversal signal, along with the presence of bearish divergence.
As a result, we could anticipate a bearish reversal move to complete wave 4. In the chart, I’ve highlighted potential areas where price may complete this 4th wave, presenting a solid trading opportunity.
Typically, wave 4 is tricky to trade due to potential market manipulations. However, given the clarity of this setup, we can plan a trade accordingly.
This outlook is based on several confluences, including the formation of a rising wedge pattern, which is a bearish reversal signal, along with the presence of bearish divergence.
As a result, we could anticipate a bearish reversal move to complete wave 4. In the chart, I’ve highlighted potential areas where price may complete this 4th wave, presenting a solid trading opportunity.
Typically, wave 4 is tricky to trade due to potential market manipulations. However, given the clarity of this setup, we can plan a trade accordingly.
Trade active
The first bearish leg took place. now we should wait to see if price could move lower to complete wave c
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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.
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.