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Wavecount

Short USDCAD: Possible Upcoming Correction (Elliott Wave)USDCAD has potentially completed a long term bullish impulse followed by a 5 wave "a" and a 3 wave "b" correction. 1 and 5 waves show similar price ranges on two different degrees of impulse adding to the probability of the rally being ready for a corrective move down. Channel resistance may also add to bearish bias. There has also been a breakout from the bullish trendline indicating a possible "c" wave breakout. If the correction is not a zig-zag or the rally is not over, the trade will be stopped out quickly. Target is placed near previous fourth wave support. This allows for a low-risk, high-reward trade with a R/R of about 15.
Short
by glennmercer
4
AUDUSD - Corrective wave structure countThe first phase of the corrective structure is a clear flat. The second phase is underway, so it could be either the green triangle or the red ZigZag. If it is to be the triangle we should see a clear reversal at the Blue trendline resistance to complete the last leg of the triangle. On the other hand, if price clearly breaks the Blue trendline resistance, then we can safely assume for the price to go somewhere around the yellow trendline resistance in order to complete a ZigZag for the second part and an overall "double three" formation which is marked with a dark blue WXY. There are plenty of opportunities based on the counting of lesser degrees, This counting is to get an understanding of possible price reversal points and direction on a broader view. Nevertheless I am rooting for the triangle to complete. What do you think ?
by fxmillions
Updated Hourly Wave Count & Short Scalp SetupAn update to my previous post, The wave structure has been altered slightly in the second leg, based on recent developments (the new low seen today) The view from here is, we should see a very minor bullish retrace in the leg from 1.1153 against circle wave b 1.1312 and then see one more low to complete the downside structure. The likely completion point for this retrace falls at circle wave a support turned resistance at 1.1210 which offers a short scalp setup against circle b wave 1.1312 highs Still waiting for confirmation in the form of a breach of the channel to the upside, to buy the retracement on the bigger cycle
Short
by JigneshDavda