Structurally, the medium-term trend remains bullish. This trend is characterized by the price successfully breaking the structure (BOS) upward in several previous swings and forming a Higher High (HH), but the price is vulnerable to a short-term correction.
- 🔸Wave Structure: A massive impulsive upward impulse from the previous lower area is calculated as a long Wave 3 cycle or a major impulsive sub-wave.
- 🔸Current Status: The price at 0.56714 is likely in the early stages of Wave 4 (Corrective Wave). In theory, after completing a saturated Wave 3 extension, the market needs a corrective decline (usually targeting the 23.6% to 38.2% retracement area) to balance the order book before preparing for the final expansion towards Wave 5.
- 🔸Projection: Potential for a gradual continuation of the short-term decline (retracement) to collect remaining buy orders in the lower discount area.
The primary bias for CADCHF on the H4 timeframe remains bullish. However, the next price movement direction for the short term (intra-week) is projected to move down first (correction/pullback) towards the area range of 0.56200 - 0.56350 before finally gathering momentum to bounce back up.
- 🔸Wave Structure: A massive impulsive upward impulse from the previous lower area is calculated as a long Wave 3 cycle or a major impulsive sub-wave.
- 🔸Current Status: The price at 0.56714 is likely in the early stages of Wave 4 (Corrective Wave). In theory, after completing a saturated Wave 3 extension, the market needs a corrective decline (usually targeting the 23.6% to 38.2% retracement area) to balance the order book before preparing for the final expansion towards Wave 5.
- 🔸Projection: Potential for a gradual continuation of the short-term decline (retracement) to collect remaining buy orders in the lower discount area.
The primary bias for CADCHF on the H4 timeframe remains bullish. However, the next price movement direction for the short term (intra-week) is projected to move down first (correction/pullback) towards the area range of 0.56200 - 0.56350 before finally gathering momentum to bounce back up.
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