Article By RoboForex.com
In our previous review, “Finishing strokes before the fall. Wave analysis of USD/CAD for 08.12.2014”, we discussed one of the possible scenarios how the price may start the downtrend inside zigzag (c) of [iv].
The previous scenario is still in effect. However, the current chart structure implies that the market may have chosen an alternative scenario, according to which the price has already completed an ascending impulse C of (C) and the whole zigzag (C) (or is about to complete them in the nearest future).
If the assumption about completion of an ascending zigzag (C) of [B] is confirmed, correct, than later the market is expected to start forming a descending zigzag (D) of [B] of a large horizontal triangle [B] with the target at level of ~0.95 of a bit higher.
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.