Hi All,
This pair has been very frustrating of late and from what I have seen, it is a bit of a rouge pair as it doesn't follow the DXY basket movements even though it accounts for 9.1% of it's movements. With that in mind, CAD must be the corrective pair in the DXY as it does the opposite to EUR and CHF which explains the rouge / corrective nature that the Looney is.
However, it does look like it has come to an end based on my EW count as listed below.
Updated count:
Overall count I have is a Flat correction (3-3-5) broken down like this...
Wave A: 3 Wave ZZ correction
Wave B: 3 Wave Flat correction
Wave C: - Ending Diagonal or an ascending triangle (5 waves broken down into 5 x 3 corrective waves)
Wave 1: Double ZZ (WXY)
Wave 2: Flat Correction
Wave 3: Double ZZ (WXY)
Wave 4: ZZ Correction
wave 5: ZZ Correction (Key thing to note here is that wave A vs. C has now hit 100% which is a key termination point so possible reversal could be in play)
I am not looking for short entry for a possible BIG short to target 1.15720.
Keep an eye on this one for sure...
Good Luck!
Don
This pair has been very frustrating of late and from what I have seen, it is a bit of a rouge pair as it doesn't follow the DXY basket movements even though it accounts for 9.1% of it's movements. With that in mind, CAD must be the corrective pair in the DXY as it does the opposite to EUR and CHF which explains the rouge / corrective nature that the Looney is.
However, it does look like it has come to an end based on my EW count as listed below.
Updated count:
Overall count I have is a Flat correction (3-3-5) broken down like this...
Wave A: 3 Wave ZZ correction
Wave B: 3 Wave Flat correction
Wave C: - Ending Diagonal or an ascending triangle (5 waves broken down into 5 x 3 corrective waves)
Wave 1: Double ZZ (WXY)
Wave 2: Flat Correction
Wave 3: Double ZZ (WXY)
Wave 4: ZZ Correction
wave 5: ZZ Correction (Key thing to note here is that wave A vs. C has now hit 100% which is a key termination point so possible reversal could be in play)
I am not looking for short entry for a possible BIG short to target 1.15720.
Keep an eye on this one for sure...
Good Luck!
Don
Trade closed: target reached
Update count coming shortly - Good pips gained.
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Related publications
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.