A perfect Elliott´s wave in USDCAD 1hA perfect Elliott´s wave appears with the next Fibonacci retracements:
Wave 2: retrecment 50% of wave 1 that indicates a deeply-hight rate price. It means that the wave 3 will be higher than the normal.
Wave 3: More than 200% of Fibonacci´s extension, taking a wave 1 as a reference.
wave 4: retracement 60% of a wave 3, shows the features of wave 4 and expects another high-rate price. Long position waiting for an extension of Fibonacci based on how long the wave 3 was.
Two logarithmic spirals with origin in the equilibrium interphase, one of them clockwise and another one counterclockwise.
against time confirms with precision the end of the fall in price
The MACD (5,35,5) shows shows the fall of the sellers' strength and the green color shows that buyers are going to take control.
Finally, the Stochastic lines (14,3,3) and the relative strength index RSI (7,close) confirm the oversell and the next crossing, this confirms the change.
We could get 300 pips.
