AUDCAD - short (at least short-term)
Please check my previous chart on AUDCAD to understand my main idea. I still remain cautious and believe that the bulls haven´t won the fight just yet.
Short-term I believe we will go down for about a week until we will learn about the nature of the price action.
Bearish case = We just finished a wave 2 and made the first 1-2 of a longer wave 3 down.
Bullish case = We could have potentially several 1-2 setups on different wave degrees and we are currently in the 3rd 1-2 setup and price should continue into my green box. If the bullish scenario becomes reality we should see the price rising very strong after touching that box.
So, short-term bearish for sure!!!
Personally, I believe in much more downside but we have to follow the charts and listen to what price tells us.
Short-term I believe we will go down for about a week until we will learn about the nature of the price action.
Bearish case = We just finished a wave 2 and made the first 1-2 of a longer wave 3 down.
Bullish case = We could have potentially several 1-2 setups on different wave degrees and we are currently in the 3rd 1-2 setup and price should continue into my green box. If the bullish scenario becomes reality we should see the price rising very strong after touching that box.
So, short-term bearish for sure!!!
Personally, I believe in much more downside but we have to follow the charts and listen to what price tells us.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.