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$CADJPY Smaller Wolfe Wave Nears Completion at Point 5Hello Traders, Here is a bearish Wolfe Wave forming. This is a smaller time frame Wolfe than the larger one I have linked below and also highlighted in grey. This could potentially cancel out the larger frame Wolfe. If the larger time frame Wolfe completes at Geo"s Off-Set rule we could have a Wolfe Wave completion at 5" for the smaller Wave. It will be interesting to see how this plays out. Side Note - The dotted orange line represents an invalidation line, something I picked up from 4xforecaster. In order to know when the projected Wolfe is invalidated, one must take the parallel of the 1-3 and place on the current point 4. If price surpasses this line, then the current Wolfe Wave is invalidated. You can view more cool lessons from 4xforecaster here: www.tradingview.com Best, Chartistry
Short
by GWaves
4
CADJPY: Potential for huge downside in this pairCADJPY has broken under a previous week's low recently after finding massive supply coming in at a previous low volume resistance level, where the bears showed hand. Interestingly enough, we now have 5 closed quarters without a new high, and a close under the quarterly mode, thus confirming a long term downtrend in this pair is viable. The weekly chart shows us with clarity where the highest activity levels sit. Currently we have 8 week levels where price has transacted at, soon to become 9, thus favoring continuation of the downtrend that kicked off during December 2015. Once we observe price move under 82.774, it'd be safe to assume we might have a sharp decline, with potential to hit the 75 handle in 9 weeks or less. Confirmation according to the time at mode logic would arrive later, but I'm already in this trade based on the daily chart price action. We have 5 days without a new high after today's close, further validating this thesis. You can go short on any intraday retracement, or at market now, with stops above the 85 mark. Good luck if taking this trade, if interested in receiving timely trade signals and/or tuition, contact me privately for more information. I'm currently offering a discount for new clients who opt for my trading course. Cheers, Ivan Labrie.
Short
by IvanLabrie
4
The main Canadian index showing a nice path for the stock marketThe main Canadian index shows a very nice picture telling us to expect sideways action before another upleg materialize to end the advance from the January low. A very nice rally that is running out of steam pretty much like the US market. A good target is around the 14K mark. We will keep an eye on it and we think the top is in, we will let you know. This index has a strong bias towards Financials, Energy and Gold miners thus even if I think it is a good proxy for the overall direction of all markets, it is an even better indicator for those three sector and especially Energy and miners. We see this rally and the upcoming pullback as part of a bigger rally. In other word, we are bullish long term until further notice
TSX:TSX
by yauger
EURCAD: Potential long term shortEURCAD is displaying a potential topping pattern at the top of the recent range, right against a long term mode, the price zone with the most activity in the chart since 1994. The previous reaction to such a strong historical resistance level was seen in the chart I posted before, where I reccomended buying against support for a potentially very large move to the upside (which resulted in a home run trade, with enough returns for a year). This is a terrific opportunity to get short the Euro, and long the Canadian, something which I think is perfectly aligned with the current fundamental landscape. I'll enter with 3 positions, and attempt to ride the downtrend all the way down, booking partial profits on short term selling opportunities, while keeping the core position running, and I'd reccomend you do the same. I favor an ATR based stop loss, against key levels. If interested in getting specific management cues and further add on opportunities, were this trend to reverse as depicted on my quarterly chart, contact me privately. See my profile for details. Cheers, Ivan Labrie.
Short
by IvanLabrie
15