USD/CAD Elliott Wave Forecast: Bearish Zig Zag
The trend is bearish in USD/CAD currency pair, 15 minutes time frame. As I have suggested a few hours ago during my daily Live Trading Room session, the price of USD/CAD Forex pair is going to drop now on a short-term basis to print a corrective bearish Zig Zag Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott Wave analysis have made the right decision as the price has descended. Strong key resistance level is present at 1.3284 price level.
In my judgment, price action in USD/CAD currency pair is now going to print a bullish wave B leg. Next, expect the market to drop more to complete the bearish wave C leg. Based on Elliott wave, we have a chance to ride the bearish wave C leg which is going to complete the Zig Zag pattern as well. So, after bullish wave B leg, I expect the market to resume the down trend.
Currently, bullish wave B leg looks in-complete. So, first wait outside of the market and allow the price action to rise up and print a bullish pull back in a down trend. Next, look for a possible sell trading chance to trade the upcoming bearish wave C leg. However; if the price of USD/CAD breaks above 1.3284 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the USD/CAD fifteen minutes chart.
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Disclaimer: Forex trading involves significant risk of loss. The high degree of leverage can work against you as well as for you. The possibility exists that you could sustain a loss of some or all ...
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