ORBEX: CADCHF - Primary C Expected to End Near 0.7950!It looks like the corrective wave (2) of the bullish minor degree has ended at 0.7434 with an open complex w,x,y minute pattern. The recent upside looks impulsive (awe could expect a more complex pattern with a flat likely to appear) and fresh highs could be expected once a valid breakout of minor 1 top is seen.
In the short-term, we could receive a deeper pullback before continuing higher to take out minute wave ( iii ) near 0.77 round level. Or, we could get there first and then receive a pullback for a retest of minor 1 top.
Minor wave 3 is expected to end near 0.7764 and as part of the intermediate impulse to the upside, minor 5 has a medium-term potential near 1.79.
Intermediate wave 5 is part of the A,B,C primary correction (A: 0.7958, B: 0.7222)
This opportunity would be invalidated below 0.7350. A break below 0.7430 would be an early sign of invalidation!
Stavros Tousios
Head of Investment Research
Orbex
