I wanted to share with you a couple of charts totally unrelated to each other but having developed a correction in a very similar way. This is Gold/USD on weekly and USDCAD on 4H.
They both have an correction (we know that for sure for USDCAD since it's already over and suspect that for Gold ).
The correction developed in a strikingly similar way, and it will be therefore interesting to see if the future development in Gold will be similar to USDCAD . The CAD retraced 0.618 of the correction thereafter, so why not Gold do the same?
I have two targets for the now emerging upward movement in Gold: either 0.382 or of the downtrend. I don't know where exactly we will land in this, but I certainly expect some very good advance up from here.
Just my 2 cents. I note that you are suggesting ending diagonal in CADUSD as wave 5 in red. That seems to suggest that wave iii or 5 is shortest which cannot be correct.
With that in mind, I appreciate that the chart comparison for Gold weekly with CADUSD appears to be similar looking. That I think is nothing more than the fact that there are certain factors in wave developments which in varying degree across different time frame and markets could look similar. But probably there ends the comparison. It is not useful in helping to predict the development of the other markets even though wave development will likely have some related factors.
Having said that I am anticipating significant low being formed in gold soon if not in place already.
Thanks for your chart
I must admit I did not look deep in the labelling of CAD - we are likely to have a triangle in wave 4 there and then a relatively short wave 5.
What mattered to me most in these two charts is the extreme visual similarity of the two declines. Same visual appearance of two charts suggests the emotions of the crowd evolved in approximately the same way from the beginning of the movement to its end, which may suggest the further development once the correction in Gold is over may follow the way of CAD as well.