SELL Before A Major BUY for UC (ELLIOT WAVE)
MAJOR TIMEFRAME
For USDCAD In the major timeframe I believe we are in a corrective structure after an impulsive 5 wave move to the downside. The corrective structure formed seems to be unfolding as a triangle. Within that triangle we seem to be In its final leg which is LEG E. We can expect this LEG E to unfold in a 3 wave pattern by either being a (Zigzag 5-3-5) or a (Flat 3-3-5).
MINOR TIMEFRAME
The first Minor Wave from a triangle LEG always unfolds in a 5wave pattern. Therefore for now we can conclude that we are in the midst of completing a 5 wave up in the minor timeframe. We also seem to have completed the 1st Wave of the expected 5 waves up. The uncertainty here is on the completion of Wave 2. We could have completed Minor Wave 2 as a Zigzag earlier or what I believe is we are going to do a Flat Structure for Wave 2 hence price still has to go significantly lower before any Bullish Movement.
IMPORTANT FOR TAKE PROFITS
•If we have completed the Minor Wave 2 earlier then this retracement will most likely not break the current lows but still could retrace up to 71.8% of the previous rally up. Take your profits if u see any reversal signs or if price struggles to break the current low
•If we have not completed Minor Wave 2 this retracement will very likely break the current lows significantly and most probably break the other major support level beside it as well before any Bullish Movement
For USDCAD In the major timeframe I believe we are in a corrective structure after an impulsive 5 wave move to the downside. The corrective structure formed seems to be unfolding as a triangle. Within that triangle we seem to be In its final leg which is LEG E. We can expect this LEG E to unfold in a 3 wave pattern by either being a (Zigzag 5-3-5) or a (Flat 3-3-5).
MINOR TIMEFRAME
The first Minor Wave from a triangle LEG always unfolds in a 5wave pattern. Therefore for now we can conclude that we are in the midst of completing a 5 wave up in the minor timeframe. We also seem to have completed the 1st Wave of the expected 5 waves up. The uncertainty here is on the completion of Wave 2. We could have completed Minor Wave 2 as a Zigzag earlier or what I believe is we are going to do a Flat Structure for Wave 2 hence price still has to go significantly lower before any Bullish Movement.
IMPORTANT FOR TAKE PROFITS
•If we have completed the Minor Wave 2 earlier then this retracement will most likely not break the current lows but still could retrace up to 71.8% of the previous rally up. Take your profits if u see any reversal signs or if price struggles to break the current low
•If we have not completed Minor Wave 2 this retracement will very likely break the current lows significantly and most probably break the other major support level beside it as well before any Bullish Movement
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