Short USDCAD: Wolfe Wave + Crab + Long OIL
Updated
USDCAD may potentially complete a bearish crab pattern in the reversal zone of a bearish Wolfe wave setup. The Wolfe wave target line is confluent with the 50% retracement of the 2-5 impulse in addition to the XA terminus. To add to bearish bias, crude is nearing the completion of a series of bullish patterns (see related ideas). SL is placed at the 1.13 retracement of the crab XA leg with target at the Wolfe wave target line.Confluence in the PRZ:
- Bearish crab pattern completion
- 1.786AB=CD completion
- 3.5BC projection
- Bearish Wolfe wave setup
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Bullish Crude Setup:
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Comment
NOTE: USDCAD currently trading at the Wolfe Wave 2-4 parallel extension.
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