Usd/Cad : End of corrective pattern

2016년 1월 30일

In the previous post about usdcad price needed to go above the red line ( wave W high ). This has happened and price is now looking for a reversal after a very strong uptrend. The shooting star candle on the monthly is a good sign the trend has possibly ended. The internal structure of wave Y can be counted in 2 ways i believe, first is the one shown in the chart, a triple three complex corrective wave (wxyxz). Another posibility is a double three complex corrective (wxy) where the first wave ends at 1.28. Both have the same idea of the pattern ending at current highs. Another thing to note is that price has pierced the 76.4% Fibonacci retracement from the 1.6185 - 0.9057 decline.