The three main possibilities for USDCAD
There are three most probable posibilities i see with USDCAD Long term.
first, main possibility, is a diagonal motive wave, which will mean we have already seen the 1,2,3, and are about to complete the 4, we expect a 3-leg fifth.
second, we can also expect that the upward move was an A wave diagonal, and we are now completing a B wave diagonal. We will expect a 5-leg C wave upward from this count.
thirdly, we could say the A was a diagonal, and the B is not yet put in. This makes sense if you say the B hasn't retraced enough. This count says that we have put in the A, and now the B wave is a diagonal, which we will expect a 5- wave downward C to complete the wave.
As I believe the dollar will go up as the stock market drops in the near future, the upward waves are the only ones I have labelled.
We can be cautionary with these two counts by watching for an incomplete E wave, which will be a weak bounce off the low we are currently expecting. This will be accounted for, and is very possible, if the market continues upward.
first, main possibility, is a diagonal motive wave, which will mean we have already seen the 1,2,3, and are about to complete the 4, we expect a 3-leg fifth.
second, we can also expect that the upward move was an A wave diagonal, and we are now completing a B wave diagonal. We will expect a 5-leg C wave upward from this count.
thirdly, we could say the A was a diagonal, and the B is not yet put in. This makes sense if you say the B hasn't retraced enough. This count says that we have put in the A, and now the B wave is a diagonal, which we will expect a 5- wave downward C to complete the wave.
As I believe the dollar will go up as the stock market drops in the near future, the upward waves are the only ones I have labelled.
We can be cautionary with these two counts by watching for an incomplete E wave, which will be a weak bounce off the low we are currently expecting. This will be accounted for, and is very possible, if the market continues upward.