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In our previous review, “Expecting a descending zigzag. Wave analysis of USD/CAD for 07.11.2014”, we discussed one of the possible scenarios how the price may start a descending zigzag (c) of [iv].
Our mid-term expectations haven’t changed so far. The market continues forming a descending correction [iv] of C of (C), which is possibly taking the form of a running horizontal pattern. Possibly, the pair has already started forming its descending zigzag (c) of [iv] with the target lower than 1.100. If this assumption is correct, then after this triangle, the market may make the final ascending movement inside wave [v] of C of (C).
The wave structure on the H4 chart implies that the price has started a descending zigzag (c) of [iv] with diagonal triangle [1] of a of (c).
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
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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.