Tuesday, November 11, 2014

Usdcad gaining bearish momentum.

My exploits of Usdcad has been very impressive since July this year. Every follower of this blog will admit to the fact that elliot wave system of market analysis is one of the best, if not the best.

You get the grasp of market past, present and future positions at your finger tip. 

You know the position of price at every market move and follow accordingly.

Presently , Usdcad looks so exhausted at the top after an impulsive move from July looks completed and the bears are preparing for a massive correction which could take us to 1.1000 or below. 

A nice momentum move downside will confirm this, anything less could mean the fifth wave is not completed yet.

After the economic data released in the first week of November which connoted that Usd could be getting weakened after a massive rise in few months now. 

The market, of course, reacted and moved downside. A retracement was expected for the second wave of the expected bearish corrective move.

I am already in a sell after my pending sell order was activated at 1.1370 , expecting a ride to 1.1000, while I cash out profits along the way. 

I will keep an update as more price chart confirm this move or invalidate it.

Hope you enjoyed the Elliot wave free week ?

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