Deep correction? Sideways structure!!
Hi guys
I hope you have a good week ahead.
GBP=CAD 4-hour chart analysis
The beginning of the market trend is at the price of 1.40643. An impulse pattern with a smaller wave degree has been completed, which reached its highest price level at the price of 1.71451.
Will the current trend be forming a correction pattern in the degree of a bigger wave?? And what pattern will be formed???
The first possibility: the beginning of the corrective trend from the price at 1.71451, an impulse pattern that is being formed, and if it creates a large zigzag pattern or a double zigzag pattern, it may end near the fourth wave of wave (1, A) between 50 or 61.8% Fibonacci retracement.
The second possibility: It may be a lateral correction pattern and eventually it will be corrected between 23.6% or 38.2% of its previous trend.
The third possibility: With the strengthening of the pound and the weakness of the main index of the dollar and the Canadian dollar, it may happen, pay attention to the fifth wave, the impulse pattern.
which is completed with five waves in a smaller wave degree, and if it expands, it may be waves 1 and 2 from the fifth wave that is expanding.
If this trend is only a zigzag pattern, it may correct up to 61.8% to 78.6% of the previous trend, but if the impulse pattern is of a larger wave degree, it will eventually recover 50 to 61.8% of the first wave. .
good luck!
Thank you for your support.
I hope you have a good week ahead.
GBP=CAD 4-hour chart analysis
The beginning of the market trend is at the price of 1.40643. An impulse pattern with a smaller wave degree has been completed, which reached its highest price level at the price of 1.71451.
Will the current trend be forming a correction pattern in the degree of a bigger wave?? And what pattern will be formed???
The first possibility: the beginning of the corrective trend from the price at 1.71451, an impulse pattern that is being formed, and if it creates a large zigzag pattern or a double zigzag pattern, it may end near the fourth wave of wave (1, A) between 50 or 61.8% Fibonacci retracement.
The second possibility: It may be a lateral correction pattern and eventually it will be corrected between 23.6% or 38.2% of its previous trend.
The third possibility: With the strengthening of the pound and the weakness of the main index of the dollar and the Canadian dollar, it may happen, pay attention to the fifth wave, the impulse pattern.
which is completed with five waves in a smaller wave degree, and if it expands, it may be waves 1 and 2 from the fifth wave that is expanding.
If this trend is only a zigzag pattern, it may correct up to 61.8% to 78.6% of the previous trend, but if the impulse pattern is of a larger wave degree, it will eventually recover 50 to 61.8% of the first wave. .
good luck!
Thank you for your support.
