Article By RoboForex.com
In the previous post on this topic, I was suggesting that USCAD is moving within ascending zigzag (b)
Suggested impulse (5 ) of a is completing the model with elongation within the 3rd wave (3) of [5] of a. If this assumption is correct, it’s reasonable for wave (5) of [5] to be equal to the first wave (1) of [5]. Impulse [5] of a is fully equipped with basic waves and close to an end.
Wave structure on medium levels does not exclude ascending zigzag (b) of [iv], its first leg in the form of impulse a of (b) of [iv] can be completing. In this case, after this impulse is completed, it’s reasonble to expect local descending correctional move b of (b) of [iv], and only after that ascending zigzag (b) of [iv] can be continued with crossing 1.10 in the form of double Elliot breakout. Cricital level for this scenario is 1.0619.
You have to remember that wave analysis is a very subjective one and market can initiate whatever movement in any direction at any time.
RoboForex Analytical Department
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Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
