Short Term Bearish Outlook for USDCAD
5 wave impulse move up has completed, looking to finish a potential simple ABC correction. Could transition into an ABCDE triangle.
Impulse structure has corrected to the .618 fib ratio and bounced up significantly, could either be the B leg of an ABC or a wave 1 of an impulsive move up. Will need more data throughout the week or two.
Overall a short term bearish outlook looking for entries on a short position as price moves into a resistance/price reversal zone, in my opinion.
Either way, if this was a B wave of an ABC the price will move down, whereas if this was a wave 1 of a potential 5 wave impulse move up subdivided to make up the intermediate wave 3, the price should move down and correct as well.
In the event that this is an impulsive move up completing a wave 1, profits should be taken at the .5 - .618 area, as it is in heavy confluence with the .382 extension level as well as major trend line support, in my opinion.
Impulse structure has corrected to the .618 fib ratio and bounced up significantly, could either be the B leg of an ABC or a wave 1 of an impulsive move up. Will need more data throughout the week or two.
Overall a short term bearish outlook looking for entries on a short position as price moves into a resistance/price reversal zone, in my opinion.
Either way, if this was a B wave of an ABC the price will move down, whereas if this was a wave 1 of a potential 5 wave impulse move up subdivided to make up the intermediate wave 3, the price should move down and correct as well.
In the event that this is an impulsive move up completing a wave 1, profits should be taken at the .5 - .618 area, as it is in heavy confluence with the .382 extension level as well as major trend line support, in my opinion.
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