TREND ANALYSIS & TRADE SETUP !!
Wave Analysis !!
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for entry setup, if available then Long/short.
Reward is 6-8 times.
as per my view there are two scenario one is Yellow view , as per this there are two more wave up to finish the impulse and then the down trend
and the second scenario is green one as per this view impulse is almost finished in just one more up side wave, after that down trend will follow for atleast some more time
Prepare for NU BUY
As described before price was retracing and now it has came around 61.8% of the original impulse, So now we'll have to prepare for the BUY.
I'll looking for BUY entries around 0.6760 price level, apparently which will also complete the 5 wave structure.
Good Luck
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.
long term tgts derived from fib projections are here,
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.
