USDCAD is currently showing us a text book ZIGZAG correction where waves A = 5 waves. B = 3 waves and C = 5 waves.
Structure
Higher timeframe: Corrective phase within the broader trend
Current wave: Zigzag correction in progress (A-B-C), currently in wave C
Pattern / formation: Classic zigzag structure (5-3-5)
Bias
Directional bias: Bearish while wave C is unfolding
Invalidation level: Break above the wave C channel
Focus
What we are waiting for: Completion of an ABC correction for wave 4. We’ll look for price to reject the sell zone (Fibonacci resistance) and then wait for lower-timeframe confirmation, such as a trendline break or clear momentum shift, before entering
Targets
Primary objective: -27 fib extension (400pips)
Goodluck and as always, trade safe!
Structure
Higher timeframe: Corrective phase within the broader trend
Current wave: Zigzag correction in progress (A-B-C), currently in wave C
Pattern / formation: Classic zigzag structure (5-3-5)
Bias
Directional bias: Bearish while wave C is unfolding
Invalidation level: Break above the wave C channel
Focus
What we are waiting for: Completion of an ABC correction for wave 4. We’ll look for price to reject the sell zone (Fibonacci resistance) and then wait for lower-timeframe confirmation, such as a trendline break or clear momentum shift, before entering
Targets
Primary objective: -27 fib extension (400pips)
Goodluck and as always, trade safe!
Note
USDCAD 12H Waiting for an ABC correction into the sell zone
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Want more breakdowns like this? Links below:
📊 Free analysis (Telegram):
t.me/Wicktator
t.me/Crypto_Wick
⭐ VIP - Forex, Gold, Bitcoin:
t.me/WicktatorVIP_bot
📊 Free analysis (Telegram):
t.me/Wicktator
t.me/Crypto_Wick
⭐ VIP - Forex, Gold, Bitcoin:
t.me/WicktatorVIP_bot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.