Our previous analysis correctly estimated an end to the 4th wave (ABC) irregular pattern, where the prices indeed turned lower and quite fast. We foresaw a drop up to 11740 levels. Currently, we are not far from this level. Current wave count indicates that we may be at the last leg of the 5th wave, which started may 5th. Will we see a down move up to 11740 on spot? Interesting to watch the unfolding.
Also, our Brent oil chart shows exhaustion pattern (will be posted later) and other indicators to suggest, that oil may have reached it's peak at around 70$ and the down trend may soon start all the way to 44$ range. If this happens, it would coincide with the USDCAD pair's and USD Index trend change. In this case one should expect a perfect storm condition for a USD vs CAD recovery (i.e. Uptrend) all the way to 1.3 levels in the long run (realization of major 5th wave-refer to weekly charts)
Also, our Brent oil chart shows exhaustion pattern (will be posted later) and other indicators to suggest, that oil may have reached it's peak at around 70$ and the down trend may soon start all the way to 44$ range. If this happens, it would coincide with the USDCAD pair's and USD Index trend change. In this case one should expect a perfect storm condition for a USD vs CAD recovery (i.e. Uptrend) all the way to 1.3 levels in the long run (realization of major 5th wave-refer to weekly charts)