USDCAD should be in still bear mode. You can see the portion i circle. So many waves trapped inside. If it is bull, you cannot see this type of pattern. It shall move very fast away from the lowest point resistance. Bear cycle has not yet completed. Guys, what is your opinion ?
USDCAD should be in still bear mode. You can see the portion i circle. So many waves trapped inside. If it is bull, you cannot see this type of pattern. It shall move very fast away from the lowest point resistance. Bear cycle has not yet completed. Guys, what is your opinion ?
It's a bull in the early stages with a target above 1.3000 likely. I have at a minimum c=a in the 1.33 - 1.34 area. There are some contingencies here though. I expected the correction or the current down move to carry below 99 but above 9860. It still may but a break of 1.0051 will indicate that wave 3 of 1 of c is under way.
Looking at the chart with the EWO you should notice the divergence at the end of the correction where price made a new low but the indicator did not. That marks the high probability end of wave 5 of the correction. Another clue is usoil. I use it for inverse correlation. Commodities should be bearish into Apr to Oct of 2013.
I recently heard on televesion that the chinese increased the percentage amount of the daily fluctuations they allow on thier currency from 0.5% a day to 1% a day. Consider that the government is trying to avoid a 'hard landing' and a weaker currency will help stimulate the economy considering that china is an exporting nation. Hence I dont believe they would increase the daily fluctuation percentage unless they believed that it would work in thier favor, making the yuan cheaper faster than it got expensive (back when 0.5% was the daily fluctuation limit)
thanks for your chart. i see it the same way.
but, you are counting a leading diagonal, since the low. as i know, the waves should be impulsive movements. in lower timeframes its hard to count it this way? what about a series of 1-2´s since the low? the result would be an immediate upward movement, we will see it soon...
regards
thanks for your chart. i see it the same way.
but, you are counting a leading diagonal, since the low. as i know, the waves should be impulsive movements. in lower timeframes its hard to count it this way? what about a series of 1-2´s since the low? the result would be an immediate upward movement, we will see it soon...
regards
Hi Schmittstroem;
I counted it as a diagonal because I think the moves count best as 3's. The first move up is counted by some as a 5, but if you examine that structure in 1 hour or less, it looks better as a 5-3-5, zig-zag. The down moves are threes and wave III is definitely a 3 wave move. Each moves higher and the retracements put in higher lows. I don't think the final move is complete but, the b wave would certainly strong. Look for a corrective move to end in the 9890 area.
Thanks for the input!
In this context, the movement makes sense.
I thougt, only an ending diagonal is a 3-3-3-3-3 affair and a leading diagonal a 5-3-5-3-5 movement?
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Originally Posted by RAZA
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