Article By RoboForex.com
In our previous review, “Completion of an ascending zigzag. Wave analysis of USD/CAD for 10.10.2014”, we discussed one of the possible scenarios how the price may complete an ascending zigzag (b) of [iv] and start a descending zigzag (c) of [iv].
Probably, the pair is completing an impulse c of (b) and the whole ascending zigzag (b) of [iv]. Right now, the price is finishing its descending correction [4] of c of (b) in the form of skewed triangle. If this assumption is correct, then after finishing this triangle, the market is expected to make the final ascending movement inside wave [5] of c of (b).
Our mid-term expectations haven’t changed so far. The market continues forming a descending correction [iv] of C, which may take the form of a running horizontal pattern. The pair is finishing its ascending zigzag (b) of [iv].
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.