NZD/CAD - MONSTER SHORT IN THE MAKING? +900 PIPS
Updated
I will be posting the Monthly view of this pair as well to show the bigger picture but there's a lot of evidence that makes me believe we could be seeing a huge sell-off.
We're currently forming leg C of what I believe is a simple Flat correction. Furthermore Leg C sometimes comes in the form of an ending diagonal which is what we're seeing now and we are anticipating Subwave no.5
Reasons to sell:
1) Weekly RSI Ovebought
2) Bearish RSI Divergence on the Daily
Waiting for a candlestick pattern to confirm the sell.
We're currently forming leg C of what I believe is a simple Flat correction. Furthermore Leg C sometimes comes in the form of an ending diagonal which is what we're seeing now and we are anticipating Subwave no.5
Reasons to sell:
1) Weekly RSI Ovebought
2) Bearish RSI Divergence on the Daily
Waiting for a candlestick pattern to confirm the sell.
Comment
The Monthly ViewComment
forming a classic head and shoulders on the 4hComment
same thing happened here before the massive drop...h&s right before it
Comment
look at the peak of the b leg for the h&s...very similar scenarioComment
comparison to NZD/USD chart above
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