I don't know how many of you use Elliot wave, but I personally love it. when looking at my chart, i have highlight a area that price could start reversing. The reason i have highlighted this area, is for 3 confluences;
1. my level of resistance
2. 50% fib
3. i also usd fib expansions (not shown on chart or it will be to cluttered)
Price has been stalling in that area. another reason that i believe the USDCAD will be continuing to drop, is because the weekly moving averages (8ema & 21ema) have still not crossed to the upside. I'm aware that means nothing but for the next 2 weeks usdcad will be continuing further down.
looking left, you'll see that i use a arrow that measures a 2236 pip move from the high and low. i copied the same arrow and that if you notice that it measures down to my 27 extension.
i will only enter short if the weekly chart breaks through the daily trendline i have drawn.
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