Trading@1.3156 Early in the 3rd Wave with immediate support@1. 3048. Once UCAD starts moving above 1.3184- it will give firm footing, but careful- it will retrace in 3 waves post creating a high above 1.3184 -One thing to be taken care -correction which happens should not take out the low@1.3048 -which is critical going forward. Previous Update
Trading@1.3217 Prices falling from 1.3280 looks very much corrective so in that case -there could be alternate count also- which will suggest that iii-wave could itself be subdivided this count is valid only with support @1.3164 intact. Any move above 1.3280 - will likely push prices up & suggesting that there is demand for dollars.
The Way it started falling suggest that we have completed bigger 1st wave from 1.3000 lows so prior which comes at 50% retracement zone 1.3135-1.3145 should be looked upon as halting zone. The fall has to be corrective sequence -meaning down -up, down a kind move to reach 1.3135-1.3145 zone.
Bang On Target- we picked this pair right at the bottom 1.2763. It has travelled quite a distance & I am immediately looking for 1.3029 least distance to travel or 1.3156 where the 3rd wave will equal 161.8% of the 1st wave.
USDCAD is giving an ABC correction and I would expect it to rise towards 1.3400 level as Wave C of the correction. Details are on the chart.
Its a corrective pattern in yet to complete 2nd Wave or a leading diagonal in A-wave of A-B-C sequence- In both cases, currently I am looking for a bounce in the zone 1.3200 to 1.3250. Regards, Abhishek H.Singh, CMT
Expecting a 5th wave in the range of 1.3280--1.3300..