The Complex Corrective Structure started unfolding in Jan 2016, with its first leg labeled as Intermediate (A) (red).
It took Intermediate (A) (red) about 3 months to complete its Cycle, which would make us believe that Intermediate Wave (C) (red) would unfold with a similar time-frame once it would commence.
Currently, USD/CAD (dollar/loonie) is trading within the Complex WXY Structure (pink) relevant for Intermediate (B) (red).
Minor Waves WXY (pink) unfolded with Multiple Corrective Structures, with Running and Expanded Flats in Minor W (pink) and a Running Flat in Minor X (pink).
Minor Y (pink) is most likely to unfold as a towards the up-side and a very possible extension within its Minute C (blue).
According to our Wave Count, Intermediate (B) (red) will end the entire Corrective Structure with Minor Y (pink) and its last leg, Minute C (blue).
Intermediate (B) (red) tested the 50% Fibonacci Retracements of Intermediate (A) (red) and failed to Breach through with Minor W (pink) retracing and leaving room for Minor X (pink) to unfold its Corrective Structure.
In our view, Intermediate (B) (red) would need to correct at least until the 61.8% Fibs Retracements of Intermediate (A) (red).
Minute C (blue) is expected to complete its Swings at the 1.40500 Levels, which represent 100% Fibonacci Extensions of Minors W&X (pink) but also 161.8% Fibonacci Extensions of Minutes A&B (blue). Therefore, we are looking at Minute C (blue) to unfold with an extension and complete the Cycle for Minor Y (pink).
We are expecting Minute C (blue) to trade within our Channel Trend-Lines (pink), thus gaining Support on the lower Trend-Line before its next Swing.
After Minor C (blue) would complete Minor Y (pink) and Intermediate (B) (red), we will be very interested in trading the Sell-Off in Intermediate (C) (red).
USD/CAD (dollar/loonie) - BUY & SELL Positions:
Medium Term - BUY:
Entry Levels - 1.33800
SL - 1.32000 & 1.30700
TP - 1.38000 & 1.40500
Long Term - SELL:
Aggressive Entry - 1.38000
Conservative Entry - 1.40500
SL - 1.43500
TP - 1.19000
* Safety Measures:
- When in the green, move SL to break-even or in profit
- Watch for and Retracement Confirmation for the BUY set-up
Many pips ahead!
Sell Trade - TP1 Reached
reviewing and then compounding
Congrats to those who are truly following!
Looking forward to a Flag Formation before shorting.
Still time to get on board.