AUD/CAD Expecting ContinuationAUD/CAD is currently in a primary downtrend, with a few secondary and minor trends within. I expect price to continue trend until I see the accumulation phase coming along or some force. I will be watching this closely for the next couple of weeks for a possible long setup near major support.
Minorwaves
This is how the week should play out.My initial projection from last weekend had Minor Wave B ending by the lunch hour on September 17. With more data, my projection has moved to the right a bit.
It looks like the Fed press conference ending Minute wave A and we are in the early stages of Minute wave B. Fortunately it should be short lived. I project this to end with a bottom around 3360 with about 3 hours left to trade on September 17.
Based on hitting that specific mark, I am projecting Minute wave C and ultimately Minor wave B to end around 3470 about one day later. I am still projecting the next down swing to begin before the week ends.
Another looser projection is the end of Minor wave B based solely on Minor wave A's movement. This has Minor wave B ending near the close of trade on September 17. I no longer assess this spot to be the end.
I will write again this weekend, but I am still bearish for the next two weeks before we are ready to test the ATH in mid to late October.
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