SELL followed by MAJOR BUY (ELLIOT WAVE THEORY)
Major Timeframe
For USDCAD we seem to be in a Corrective phase after an impulsive move to the downside. The corrective structure seems to be unfolding in a triangle pattern . Within the triangle pattern we seem to be in its final wave which is LEG E. Based on elliot's wave theory a triangle takes form in a (3-3-3-3-3) pattern. And the 3 wave pattern formed are usually Zig-Zags
Minor Timeframe
As mentioned above we are currently in the LEG E of the triangle. Looking at whats formed it seems to be doing a zig-zag pattern for LEG E. Within the Zigzag pattern we are currently in its LEG A. This LEG A should unfold in a 5 wave movement up. Within the expected 5 waves movement up for LEG A we are currently completing the Wave 2 which seems to be a flat corrective structure. After the completion of Wave2, we can go for a long BUY from wave 3 till the end of wave 5 which would then complete the LEG A of the zig-zag structure within the E LEG of the major triangle corrective structure
For USDCAD we seem to be in a Corrective phase after an impulsive move to the downside. The corrective structure seems to be unfolding in a triangle pattern . Within the triangle pattern we seem to be in its final wave which is LEG E. Based on elliot's wave theory a triangle takes form in a (3-3-3-3-3) pattern. And the 3 wave pattern formed are usually Zig-Zags
Minor Timeframe
As mentioned above we are currently in the LEG E of the triangle. Looking at whats formed it seems to be doing a zig-zag pattern for LEG E. Within the Zigzag pattern we are currently in its LEG A. This LEG A should unfold in a 5 wave movement up. Within the expected 5 waves movement up for LEG A we are currently completing the Wave 2 which seems to be a flat corrective structure. After the completion of Wave2, we can go for a long BUY from wave 3 till the end of wave 5 which would then complete the LEG A of the zig-zag structure within the E LEG of the major triangle corrective structure
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