Hello traders , USDCAD in daily timeframe ,This analysis is prepared in daily timeframe but has been published for better view in 2 days timeframe.
Based on the wave count we had for this symbol and the survey we did, we came to the conclusion that we are in a leading downward cycle.
This cycle consists of 1, 2 and 3 main waves and 4 and 5 waves are incomplete.
We are now inside wave 4 and we assume that this wave will be completed in a zigzag pattern.
From this zigzag, wave a is over and wave b is probably complete, so we considered it completed and announced the beginning of wave c.
It consists of t-wave 1, 2 and 3 microwaves.
Wave 4, in our opinion, is at the end of its trend and at the end of wave 5, it has an ascending ratio of a equal to c.
If the bottom of the orange and fibo channel is broken for wave 4 that we have identified, wave c is probably already complete and wave 5 has started.
๐If you have an idea that helps me provide a better analysis, I will be happy to write in the comments๐
โค๏ธPlease, support this idea with a like and comment!โค๏ธ
Based on the wave count we had for this symbol and the survey we did, we came to the conclusion that we are in a leading downward cycle.
This cycle consists of 1, 2 and 3 main waves and 4 and 5 waves are incomplete.
We are now inside wave 4 and we assume that this wave will be completed in a zigzag pattern.
From this zigzag, wave a is over and wave b is probably complete, so we considered it completed and announced the beginning of wave c.
It consists of t-wave 1, 2 and 3 microwaves.
Wave 4, in our opinion, is at the end of its trend and at the end of wave 5, it has an ascending ratio of a equal to c.
If the bottom of the orange and fibo channel is broken for wave 4 that we have identified, wave c is probably already complete and wave 5 has started.
๐If you have an idea that helps me provide a better analysis, I will be happy to write in the comments๐
โค๏ธPlease, support this idea with a like and comment!โค๏ธ
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