The rise in the USD/CAD since July 2011 has been wave C of an ABC zigzag-type correction.
The wave B was a triangle that gave rise to the majority of the rally of wave C, up until wave 3. The 5th wave has already developed 5 component waves, and even the 5th extended component wave appears to be complete with 5 subwaves.
RSI divergence between the 3rd and 5th waves reflects that the rally is weakening and may be done soon. Look for an impulsive (5-wave) decline followed by a partial 3-wave retracement as a potential short entry point.
The correction will be retraced more than 100%, as the primary long-term trend in USD/CAD is down.
The wave B was a triangle that gave rise to the majority of the rally of wave C, up until wave 3. The 5th wave has already developed 5 component waves, and even the 5th extended component wave appears to be complete with 5 subwaves.
RSI divergence between the 3rd and 5th waves reflects that the rally is weakening and may be done soon. Look for an impulsive (5-wave) decline followed by a partial 3-wave retracement as a potential short entry point.
The correction will be retraced more than 100%, as the primary long-term trend in USD/CAD is down.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.