Hello Traders, Friends, and others,
EURCAD has struck a force field in the Gwave world that will send price tumbling down towards the Target Area (green). This is more of an observational trade.
Best,
Sirak Babayan
EURCAD has struck a force field in the Gwave world that will send price tumbling down towards the Target Area (green). This is more of an observational trade.
Best,
Sirak Babayan
Note
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Note
Zooming in to the H4 chart we can see how price remains subdued to the Red G wave. I is as if this circular level has a magnetic field around it that constantly pushes price away from it.More updates to come as they develop.
Note
Update: As price continues to want to push higher, it is rejected by the strong field it is bound to (red line). At this point I'd look for price to continue to test this level and make lower lows eventually reaching its Target Area defined in the chart.Note
Update: EURCAD at a crossroad.Note
Update: EURCAD tested the hidden support level mentioned in the previous update and has now broken out of and tested its overhead resistance. At this point we must look to the next level of Resistance highlighted by the outer most wave.This does not necessarily invalidate the original idea of a short, but it does give us the potential of changing the original target. Updates will come as this chart develops.
Note
Price reached level of resistance. A fall from here is likely, a destination is to be determined.Note
Since you asked for it. Here is the target.Note
Update: The exact target above was not hit, however, once price hit the Gwave support level it sprung up. Now we face resistance. A breakout of this current resistance level will be very bullish.Note
Note
Target hit. Expect rally to occur from this point.Note
Since the last update Resistance has clearly been made and price has stayed on track on its way to the "Target Area"
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Related publications
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.