empty
 
 
21.05.2012 02:54 PM
USD/CAD Elliott Wave Count for May 21, 2012

This image is no longer relevant

USD/CAD Elliott Wave
During the last week the USD/CAD pair was trading upwards developing 3 wave (coloured blue). During the Friday's European session we could observe descending move toward the 1.0318 level. We can consider this move as end of the 4 wave (coloured pink) of the bigger 3 wave (coloured blue). Therefore during the New York session the USD/CAD pair stated pushing higher for developing last 5 wave of the bigger 3 wave and we could observe price above 1.0220 level. Today during the early Asian session price pushed one more time and we could observe high at 1.0229 level. We can consider this move as end of 5 wave. Presently we are in the corrective 4 wave and I  expect to see price lower today. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracements (1.0053-1.0229) with Take Profit 1 at 1.0111 (50% of wave 3) and Take Profit 2 at 1.0083 (61.8% of wave 3). The resistance level at 1.0230 can be used as Stop Loss.

Support and Resistance levels
(S3) 1.0106 (S2) 1.0140 (S1) 1.0161 (PP) 1.0195 (R1) 1.0229 (R2) 1.0250 (R3) 1.0284

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.0185 with Stop Loss at 1.0230, Take Profit 1 at 1.0111 and Take Profit 2 at 1.0083 are recommended.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $8000 más!
    ¡En Marzo, sorteamos $8000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback