AUDCAD: Bullish continuation
Actualizado
I am looking only the strong daily down trend that began on 14-Mar-18. In our wave I was looking at it as the 3-rd wave up.
1.At 0.9490- 0.9505 price zone we can see a structure resistance zone cmming from left.
2.Daily trend line resistance coming from top.
3. The 3-rd wave was at 1.272 ext of the first wave and
4.Divergences on the 3-rd wave up
So in this situation the resistance zone was really strong in my opinion.
Expectations:
1.The first support zone could have been the A wave down of an ABC correction.
2.As long as the correction of the first wave was an ABC i was looking for a complex correction (flat; expaded flat; triangle etc)
3.On the third wave i was expecting at least 38.2% retracement that corresponds with the top of the firs wave.
Actually:
Price broke up the daily trend line and it is still going up as a 3-rd extended wave.
Now price can continue to extend its 3-rd wave or it can begin the correction as long as it is in a strong fib confluence zone again.
Resistance zones:
0.9520-0.9540 ; 0.9600-0.9620; 0.9796-0.9860
This is my only my opinion.
Good Luck!
1.At 0.9490- 0.9505 price zone we can see a structure resistance zone cmming from left.
2.Daily trend line resistance coming from top.
3. The 3-rd wave was at 1.272 ext of the first wave and
4.Divergences on the 3-rd wave up
So in this situation the resistance zone was really strong in my opinion.
Expectations:
1.The first support zone could have been the A wave down of an ABC correction.
2.As long as the correction of the first wave was an ABC i was looking for a complex correction (flat; expaded flat; triangle etc)
3.On the third wave i was expecting at least 38.2% retracement that corresponds with the top of the firs wave.
Actually:
Price broke up the daily trend line and it is still going up as a 3-rd extended wave.
Now price can continue to extend its 3-rd wave or it can begin the correction as long as it is in a strong fib confluence zone again.
Resistance zones:
0.9520-0.9540 ; 0.9600-0.9620; 0.9796-0.9860
This is my only my opinion.
Good Luck!
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