CADCHF has given us over 1000pip worth of setups. We are now looking for one more trade setup to complete this bearish wave.
We know that Waves 1, 3 and 5 have a 5 wave structure. We are currently in wave 5 and looking for 5 subwaves to complete the bearish sequence.
Trade idea: - We are in subwave 1 (of wave 5) - Watch for subwave 2 retracement - price should not go above 0.683 = invalidation level - Targets: 0.645 (300pips), 0.62 (550pips)