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Elliott Forecast

Elliott Wave View: Impulsive Rally in USDCAD Looks Incomplete

September 29, 2022 By

Short term Elliott Wave view on USDCAD suggests cycle from 8.11.2022 low is in progress as a . Up from 8.11.2022 low, wave 1 ended at 1.3208 and pullback in wave 2 ended at 1.2954. Pair has resumed higher in wave 3 with internal subdivision in another 5 waves of lesser degree. Up from wave 2, wave ((i)) ended at 1.3344 and pullback in wave ((ii)) ended at 1.3224. Pair then resumes higher in wave ((iii)) towards 1.3808 and dip in wave ((iv)) ended at 1.3636. Final leg higher wave ((v)) ended at 1.3833 which completed wave 3.

When measured from 8.11.2022 low relative to 9.13.2022 low, the rally to 1.3833 is around the 161.8% Fibonacci extension. This is the typical extension for wave 3. Pullback in wave 4 is now in progress to correct cycle from 9.13.2022 low. Pullback should take the form of 3 waves zigzag where wave ((a)) ended at 1.3601. Expect rally in wave ((b)) to fail for another leg lower in wave ((c)) to end wave 4. Potential area to end wave 4 is at 38.2 – 50% retracement of wave 3 at 1.339 – 1.3495. Near term, as far as pivot at 1.2947 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

USDCAD 60 Minutes Elliott Wave Chart

USDCAD Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-impulsive-rally-usdcad-looks-incomplete/

#elliottwave #trading #USDCAD

29/09/2022 1 EN

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Elliott Forecast

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Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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