USDCAD Levels
Updated
I would like to say that these levels were designed to include the potential scenario where a correction from the recent bullish move gives rise to another wave pointing up, but unfortunately this whole design was developed for only bearish scenarios, at least until the middle of the project.
The polygon lurking near the current trading zone is a mystery as I am not convinced it can be penetrated, but I have left some icons in it just in case for potential milestones or even turnarounds.
The elements of higher interest for me in this project are the marked price levels for potential support/resistance action. The rectangles are not developed in a similar fashion, they are more like wild cards in case the price action will follow their overall design, then, after some confirmations of their relevance I might take them into account in trying to foresee what could happen, or even just use them as reference elements in update comments analysis .
While the project is design for a more bearish scenario, it will also try to catch the waves in both direction while we travel into the future, meaning all relevant candlestick setups near the elements will be considered for inspection regardless of the potential direction of the reversal.
The polygon lurking near the current trading zone is a mystery as I am not convinced it can be penetrated, but I have left some icons in it just in case for potential milestones or even turnarounds.
The elements of higher interest for me in this project are the marked price levels for potential support/resistance action. The rectangles are not developed in a similar fashion, they are more like wild cards in case the price action will follow their overall design, then, after some confirmations of their relevance I might take them into account in trying to foresee what could happen, or even just use them as reference elements in update comments analysis .
While the project is design for a more bearish scenario, it will also try to catch the waves in both direction while we travel into the future, meaning all relevant candlestick setups near the elements will be considered for inspection regardless of the potential direction of the reversal.
Note
After the bearish decline in what looks like a flag or triangle or something, the bulls might a be a little more in it right now. If so, I don't know where their party might end. The big purple zone upstairs isn't un-penetrable, but it should still act as a Twilight Zone Bermuda triangle type of area, where funny strange unexpected things might happen.Note
Lower low. It could see the red before the yellow.Note
Zoomed in on the 1h chart we see the price action near the elements. Looks to be consolidating for now at the yellow level but bearish mode could also kick in eventually if it fails to break above. Note
A question mark with only one question. Is this a coincidence?Note
Big drop from the exclamation mark. Currently found support right above 1.37 but doesn't look necessarily convincing. There could be room for more down move.
Note
Big inflection point at the exclamation mark and approaching the next rectangle zone usdcad might apply the brakes for a little bit...
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