USDCAD-alternate count WxYxZ correction

FX:USDCAD   Dolar U.S/Dolar Kanada
Dilihat 1442 kali
1442 15
This pair is in ugly consolidation for two weeks with very low volatility . We know it: after a period of low volatility follows a period of STRONG volatility .

I have discarded the expanded flat scenario because of the choppy and overlapping price action.

Price is consuming time and that reminds me a triangle.

Thats what i'm considering seriously this alternate count: wxyxz correction with a triangle for X appears to be finishing.

We see price is at the E point of the triangle so its going to exploit very soon. Im opening short positions now because it could be too late tomorrow.

D1 chart count:


This is just and idea, not a recommendation to buy or sell. Most of this setups are for backtesting.
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).

What you think about this I am sure you wont agree.....
Hello, i like harmonics also but you are anticipating too much. The rule are defined for trading the D leg of the pattern. The C leg could have many extensions 1.27, 1.414 and even spike the 1.61. So its a wide range of possibilites right now. Once the C leg is complete the market will tell if price can reach the D leg and fill the cypher pattern. We are followers, not predictors of the market. Regards.
+1 Balas
FXROB FullTimeTrader
you have right I agree but this is only predictions to watch the level 1.33030 to 1.34230 .
Dany_1990 FullTimeTrader
Great Explanation about harmonics! I did the same mistakes, Anticipating too much will make the trader upset when pattern goes wrong. Thanks
usdcad could easily hit those levels. but iam for 1.27004 and 1.23766. strong bearish move could be in the cards.
FullTimeTrader griffin1989
Yes, this targets are short term but price can easily reach even 1.200 (previous wave 4). Regards.
Double bottom for oil as I'm expecting is supported by this view. 53 max target and fall!
FullTimeTrader ElPatron.Y
Im already short with targets shown on chart, next week will be decisive. Regards.
Interesting theory. What are your thoughts on this:-

"The only time wave X of a corrective combination can make a new price extreme is when wave W is a flat correction. If wave W is a zigzag, then wave X cannot make a new price extreme."?

Regards, D.
+1 Balas
FullTimeTrader tradersixsixty6
Hello, thanks for your question, there are some corrections not seen very common. This community is just for that purpose: taking other views in consideration. I have made some research and found this on EWI's FAQS.
"Q. Can wave X go beyond the start wave W in any corrective wave?
Can wave X go beyond the start wave W in any corrective wave?

A. In a combination, wave X can go beyond the start of wave W, but not in a double or triple zigzag. "
+1 Balas
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