The daily chart of USD/CAD has formed harmonic shark pattern AB=CD.
The daily chart has also formed a long engulfing candle.
Also in 4-hour chart a double top pattern has been formed.
So we can expect some profit booking in the counter and a long retracement could be possible.
EW analysis shows it is in wave in longer time frame. Currently sub wave 5 of sub wave (3) of wave is going on here.
probable target for sub wave 5 comes around 140-150 levels. https://in.tradingview.com/x/TltQsdRj/
long term tgts derived from fib projections are here, https://in.tradingview.com/x/q8bCbAqW/
Long if it goes above 225-230's for given targets around 1.618 -2.618 of wave 1.
My Elliot is not very strong yet so please correct me if I'm wrong in the wave count.
Thanks.
