USD/CAD (dollar/loonie) - EW - Long Term Forecast - BUY & SELL
Updated
USD/CAD (dollar/loonie), on the larger scale (daily), is overall trading within a Complex Corrective Structure, labeled as Cycle Wave IV (green).
The Complex Corrective Structure started unfolding in Jan 2016, with its first leg labeled as Intermediate (A) (red).
It took Intermediate (A) (red) about 3 months to complete its Bearish Cycle, which would make us believe that Intermediate Wave (C) (red) would unfold with a similar time-frame once it would commence.
Currently, USD/CAD (dollar/loonie) is trading within the Complex WXY Structure (pink) relevant for Intermediate (B) (red).
Minor Waves WXY (pink) unfolded with Multiple Corrective Structures, with Running and Expanded Flats in Minor W (pink) and a Running Flat in Minor X (pink).
Minor Y (pink) is most likely to unfold as a Zig-Zag towards the up-side and a very possible extension within its Minute C (blue).
According to our Wave Count, Intermediate (B) (red) will end the entire Corrective Structure with Minor Y (pink) and its last leg, Minute C (blue).
Intermediate (B) (red) tested the 50% Fibonacci Retracements of Intermediate (A) (red) and failed to Breach through with Minor W (pink) retracing and leaving room for Minor X (pink) to unfold its Corrective Structure.
In our view, Intermediate (B) (red) would need to correct at least until the 61.8% Fibs Retracements of Intermediate (A) (red).
Minute C (blue) is expected to complete its Bullish Swings at the 1.40500 Levels, which represent 100% Fibonacci Extensions of Minors W&X (pink) but also 161.8% Fibonacci Extensions of Minutes A&B (blue). Therefore, we are looking at Minute C (blue) to unfold with an extension and complete the Cycle for Minor Y (pink).
We are expecting Minute C (blue) to trade within our Channel Trend-Lines (pink), thus gaining Support on the lower Trend-Line before its next Bullish Swing.
After Minor C (blue) would complete Minor Y (pink) and Intermediate (B) (red), we will be very interested in trading the Sell-Off in Intermediate (C) (red).
USD/CAD (dollar/loonie) - BUY & SELL Positions:
Medium Term - BUY:
Entry Levels - 1.33800
SL - 1.32000 & 1.30700
TP - 1.38000 & 1.40500
Long Term - SELL:
Aggressive Entry - 1.38000
Conservative Entry - 1.40500
SL - 1.43500
TP - 1.19000
* Safety Measures:
- When in the green, move SL to break-even or in profit
- Watch for Flag Formation and Retracement Confirmation for the BUY set-up
Many pips ahead!
The Complex Corrective Structure started unfolding in Jan 2016, with its first leg labeled as Intermediate (A) (red).
It took Intermediate (A) (red) about 3 months to complete its Bearish Cycle, which would make us believe that Intermediate Wave (C) (red) would unfold with a similar time-frame once it would commence.
Currently, USD/CAD (dollar/loonie) is trading within the Complex WXY Structure (pink) relevant for Intermediate (B) (red).
Minor Waves WXY (pink) unfolded with Multiple Corrective Structures, with Running and Expanded Flats in Minor W (pink) and a Running Flat in Minor X (pink).
Minor Y (pink) is most likely to unfold as a Zig-Zag towards the up-side and a very possible extension within its Minute C (blue).
According to our Wave Count, Intermediate (B) (red) will end the entire Corrective Structure with Minor Y (pink) and its last leg, Minute C (blue).
Intermediate (B) (red) tested the 50% Fibonacci Retracements of Intermediate (A) (red) and failed to Breach through with Minor W (pink) retracing and leaving room for Minor X (pink) to unfold its Corrective Structure.
In our view, Intermediate (B) (red) would need to correct at least until the 61.8% Fibs Retracements of Intermediate (A) (red).
Minute C (blue) is expected to complete its Bullish Swings at the 1.40500 Levels, which represent 100% Fibonacci Extensions of Minors W&X (pink) but also 161.8% Fibonacci Extensions of Minutes A&B (blue). Therefore, we are looking at Minute C (blue) to unfold with an extension and complete the Cycle for Minor Y (pink).
We are expecting Minute C (blue) to trade within our Channel Trend-Lines (pink), thus gaining Support on the lower Trend-Line before its next Bullish Swing.
After Minor C (blue) would complete Minor Y (pink) and Intermediate (B) (red), we will be very interested in trading the Sell-Off in Intermediate (C) (red).
USD/CAD (dollar/loonie) - BUY & SELL Positions:
Medium Term - BUY:
Entry Levels - 1.33800
SL - 1.32000 & 1.30700
TP - 1.38000 & 1.40500
Long Term - SELL:
Aggressive Entry - 1.38000
Conservative Entry - 1.40500
SL - 1.43500
TP - 1.19000
* Safety Measures:
- When in the green, move SL to break-even or in profit
- Watch for Flag Formation and Retracement Confirmation for the BUY set-up
Many pips ahead!
Note
Aggressive Entry in focusTrade active
Note
Buy Trade - Target ReachedSell Trade - TP1 Reached
reviewing and then compounding
Note
SELL Trade 550 pips POSITIVE !Congrats to those who are truly following!
Note
Waiting for a Bounce at or around 1.31500 and Compounding another SELL @ 1.34000 & 1.35000Looking forward to a Flag Formation before shorting.
Still time to get on board.
Trade closed: target reached
BUY & SELL - TARGETS REACHEDExcellent Combo!
Note
Next stop 1.2800 or 1.2900 and then 1.1600Note
Note
Correction complete, expecting the down-trend to resume:Trade active
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