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In our previous review, “Rather downwards than upwards. Wave analysis of USD/CAD for 02.12.2014”, we discussed one of the possible scenarios how the price may start forming a descending zigzag (c) of [iv].
Our mid-term expectations haven’t changed so far. Possibly, the market continues forming a descending correction [iv] of C of (C), which may take the form of a running horizontal pattern. If this assumption is correct, then after this triangle [iv] of C, the market may make the final ascending movement inside wave [v] of C.
Wave structure on the H4 chart implies that the price is forming the final waves of an ascending zigzag (b) of [iv]. If this assumption is correct, than later the market is expected to start a descending zigzag (c) of [iv] with the target near level of 1.1000.
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
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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.