$EURCAD | Gwaves Detected | Target Area Defined

Hello Traders, Friends, and others,

EURCAD has struck a force field in the Gwave world that will send price tumbling down towards the Target Area (green). This is more of an observational trade.

Best,
Sirak Babayan

Komen:

If you enjoy the Gwave World. You can follow it(me) at the links below. Apart from charts, I say cool things sometimes.

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Komen:

Zooming in to the H4 chart we can see how price remains subdued to the Red G wave. I is as if this circular level has a magnetic field around it that constantly pushes price away from it.

More updates to come as they develop.

Komen:

Update: As price continues to want to push higher, it is rejected by the strong field it is bound to (red line). At this point I'd look for price to continue to test this level and make lower lows eventually reaching its Target Area defined in the chart.

Komen:

Update: EURCAD at a crossroad.

Komen:

Update: EURCAD tested the hidden support level mentioned in the previous update and has now broken out of and tested its overhead resistance. At this point we must look to the next level of Resistance highlighted by the outer most wave.

This does not necessarily invalidate the original idea of a short, but it does give us the potential of changing the original target. Updates will come as this chart develops.

Komen:

Price reached level of resistance. A fall from here is likely, a destination is to be determined.

Komen:

Since you asked for it. Here is the target.

Komen:

Update: The exact target above was not hit, however, once price hit the Gwave support level it sprung up. Now we face resistance. A breakout of this current resistance level will be very bullish.

Komen:

Komen:

Target hit. Expect rally to occur from this point.

Komen:

Since the last update Resistance has clearly been made and price has stayed on track on its way to the "Target Area"