Elliotical Approach to USDCAD Long.
Hello Traders!
1. We see an Expanding Leading Diagonal for Wave 1.
2. As per the guidelines, the most common level for retracement of a leading diagonal is 78.6%. That is exactly what happened here. We also have a support on the same level.
3. We have a clear invalidation level at the start of Wave 1.
4. The most expected target for Wave 3 would be 161.8% of Wave 1 as per the guidelines. The target could differ as per more development in price action.
5. There is a bit of a change when concerning the original idea. It has been attached.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
1. We see an Expanding Leading Diagonal for Wave 1.
2. As per the guidelines, the most common level for retracement of a leading diagonal is 78.6%. That is exactly what happened here. We also have a support on the same level.
3. We have a clear invalidation level at the start of Wave 1.
4. The most expected target for Wave 3 would be 161.8% of Wave 1 as per the guidelines. The target could differ as per more development in price action.
5. There is a bit of a change when concerning the original idea. It has been attached.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
Trade active
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