usdcad 240 minute wave count
There is always an alternative count and now we have either a completed retrace
to the 50% fib. level (in pink) or the highly expected upward move to blue trend line
to make a nice corrective channel. Ending diagonal (pink)must stop at 1.3691 to keep
pattern validated because wave 3 must not be shortest wave for this pattern.
Likely scenario is Black wave count giving similar upside potential but reaching .618 fib.
time frame likely to go to January. If not already long may wait to short big ride down.
Long above 1.3313 risk 120 pips from present price reward 400 pip potential 3.3 to 1
to the 50% fib. level (in pink) or the highly expected upward move to blue trend line
to make a nice corrective channel. Ending diagonal (pink)must stop at 1.3691 to keep
pattern validated because wave 3 must not be shortest wave for this pattern.
Likely scenario is Black wave count giving similar upside potential but reaching .618 fib.
time frame likely to go to January. If not already long may wait to short big ride down.
Long above 1.3313 risk 120 pips from present price reward 400 pip potential 3.3 to 1
Note
black wave 1 has been breached. Thus labeling is wrong. as usual. Bullish preference is now reliant on high of 132.48 (pink 1 from 9-16) becoming the new black label 1 and wave black 2 is same.
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