Article By RoboForex.com
Analysis for September 16th, 2014
In our previous review, “Uptrend dominates. Wave analysis of USD/CAD for 05.09.2014”, we discussed in details one of the possible scenarios how the price may complete a descending zigzag (b).
The current chart structure implies that an ascending zigzag (b) of [iv] has been already completed. If this assumption is confirmed, the price is expected to start forming a descending zigzag (c) of [iv].
However, one can’t rule out the possibility that the price is still forming an ascending impulse c of (b) of [iv].
The wave structure on H4 chart implies that the pair is starting a descending zigzag (c) of [iv], but this assumption has yet to be confirmed.
Our mid-term expectations haven’t changed much. The market continues forming a horizontal correction [iv] of C, which may take the form of a long horizontal pattern. Right now, the pair is expected to form a descending zigzag (c) of [iv].
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At the same time, an alternative scenario implies that the price has already completed a horizontal correction [iv] of C in the form of zigzag and started forming the final ascending wave [v] of C (colored in grey).
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
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.
