Elliott Wave Analysis: Anticipating an Upward move in USDCAD

3 thg 6, 2024

Hello Traders,

Trust you are great.
Below is my Elliott wave analysis of USDCAD currency pair

Analysis:
The structure of the USDCAD currency pair suggests the formation of an irregular Flat corrective pattern. The initial Wave A has taken the form of a leading diagonal, moving downward.

Current State:
Wave B appears to have completed its formation. The next expected movement is the formation of Wave C.

Expectation:
An impulsive Wave C is anticipated to move upward towards the 1.37445 - 1.38147 region before a subsequent decline.

Invalidation level for the upside projection: 1.3605.

Cheers!

3 thg 6, 2024

Ghi chú

UPDATE: Invalidation area adjusted. Idea still appears valid.



Let's see.

5 thg 6, 2024

Ghi chú

The pair did just as predicted. It has done over 100pips so far.

5 thg 6, 2024

Ghi chú

Now, reversal can occur any moment from now. Be on the lookout for confirming price action.

Cheers guys.

10 thg 6, 2024

Ghi chú

USDCAD did +117pips.

10 thg 6, 2024

Đóng lệnh: đạt mục tiêu

11 thg 6, 2024

Ghi chú

UPDATE: Reversal to the downside supported by bearish Gartley. First target is 1.36720.

12 thg 6, 2024

Ghi chú

UPDATE: After the completion of initial upward move, price dropped by +85pips just as predicted.
Elliott wave projection:

Harmonic projection: