U.S. Dollar/Canadian Dollar (USDCAD) Forex Elliott Wave Technical Analysis
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U.S. Dollar/Canadian Dollar (USDCAD) Forex Elliott Wave Technical Analysis |
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This Video Uploaded At 18-07-2024 06:41:45 |
Video Discription |
USD/CAD Daily Chart Analysis
USD/CAD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Impulsive
Structure: Orange Wave C
Position: Navy Blue Wave Y of E
Next Higher Degree Direction: New Wave 1
Wave Cancellation Invalid Level: 1.37566
The USD/CAD Elliott Wave analysis for the daily chart aims to understand counter-trend movements using Elliott Wave Theory. This analysis helps identify market patterns and phases. It focuses on tracking a counter-trend movement, indicating the current market direction is against the broader trend. The mode is impulsive, suggesting strong and decisive price action despite being in a counter-trend.
The specific wave structure under observation is Orange Wave C, part of a broader Navy Blue Wave Y of E. This indicates the market is undergoing a significant movement within the counter-trend phase. Currently, the market is positioned in Navy Blue Wave Y of E, indicating the completion of earlier waves and the start of the final leg in this corrective pattern.
USD/CAD 4-Hour Chart Analysis
USD/CAD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Impulsive
Structure: Gray Wave 3
Position: Orange Wave C
Next Lower Degree Direction: Gray Wave 3 (started)
Wave Cancellation Invalid Level: 1.37566
The USD/CAD Elliott Wave analysis for the 4-hour chart aims to understand counter-trend movements within the market using Elliott Wave Theory. This analysis helps identify market patterns and phases. It focuses on tracking a counter-trend movement, indicating the current market direction is against the broader trend. The mode is impulsive, signifying strong and decisive price action despite being in a counter-trend.
The specific wave structure under observation is Gray Wave 3, which is part of a broader Orange Wave C. This suggests the market is undergoing a significant movement within the counter-trend phase. Currently, the market is positioned in Orange Wave C, a corrective wave in the Elliott Wave cycle. This indicates the market is experiencing a corrective phase, following impulsive waves and typically retracing part of the previous trend.
Technical Analyst : Malik Awais
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Education |
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Usdcad | Elliott | trading | investments | technicalanalysis | Elliottwave | forex | fx | currencies | Worldcurrencies | dollarindex |
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