Hi traders!
It has been a while here! :) Hope you're all doing well.
AUDCAD rally from August low unfolded as a five-wave impulse structure and it follow by a three-wave correction. The correction unfolded as a simple zigzag with an ending diagonal pattern in wave C.
According to EW theory, once a 5-3 (impulse-corrective) wave cycle is complete, the price will resume in the direction of the impulse.
In AUDCAD's case, wave C is expected to rally above wave A high in the weeks ahead. The breach of the green level will indicate that the correction is completed.
What's your view on AUDCAD? Let me know in the comment.
Thanks for reading!
It has been a while here! :) Hope you're all doing well.
AUDCAD rally from August low unfolded as a five-wave impulse structure and it follow by a three-wave correction. The correction unfolded as a simple zigzag with an ending diagonal pattern in wave C.
According to EW theory, once a 5-3 (impulse-corrective) wave cycle is complete, the price will resume in the direction of the impulse.
In AUDCAD's case, wave C is expected to rally above wave A high in the weeks ahead. The breach of the green level will indicate that the correction is completed.
What's your view on AUDCAD? Let me know in the comment.
Thanks for reading!