USDCAD decline from wave B high is taking the shape of Elliott Wave five-wave impulse pattern.
The corrective sequence within the impulsive decline follows the EW alternation guideline. Wave (ii) was a sharp correction that retraced 61.8% of wave (i) and wave (iv) is a complex correction and has retraced 38.2% of wave (iii).
Price is expected to head lower in wave (v) to complete the five-wave sequence in wave C.
Other Confluences:
- Price is retesting daily bearish order block (supply zone)
- Price is rejecting daily 50 EMA as dynamic support (not shown on chart)
- Doji at the supply zone
What's your view on USDCAD? Let me know in the comment.
Thanks.
The corrective sequence within the impulsive decline follows the EW alternation guideline. Wave (ii) was a sharp correction that retraced 61.8% of wave (i) and wave (iv) is a complex correction and has retraced 38.2% of wave (iii).
Price is expected to head lower in wave (v) to complete the five-wave sequence in wave C.
Other Confluences:
- Price is retesting daily bearish order block (supply zone)
- Price is rejecting daily 50 EMA as dynamic support (not shown on chart)
- Doji at the supply zone
What's your view on USDCAD? Let me know in the comment.
Thanks.