Hello traders!
We see quite clear and interesting pattern on GBPCAD.
Looking at the daily chart, we can see a clear A-B-C corrective structure with a triangle in wave B, especially after that sharp and impulsive decline and this is the first reason why we are bearish.
Looking at the hourly chart, we can see a five-wave drop away from that C at 1.7500 level, which confirms more weakness, but after a three-wave a-b-c corrective recovery, ideally back to a previous wave »ii« resistance area around 50% - 61,8% Fibonacci retracement and between 1.7080 – 1.7150 levels, maybe even 1.7200.
In case if goes even higher or more complex, we remain bearish as long as it's trading below 1.7500 highs!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
We see quite clear and interesting pattern on GBPCAD.
Looking at the daily chart, we can see a clear A-B-C corrective structure with a triangle in wave B, especially after that sharp and impulsive decline and this is the first reason why we are bearish.
Looking at the hourly chart, we can see a five-wave drop away from that C at 1.7500 level, which confirms more weakness, but after a three-wave a-b-c corrective recovery, ideally back to a previous wave »ii« resistance area around 50% - 61,8% Fibonacci retracement and between 1.7080 – 1.7150 levels, maybe even 1.7200.
In case if goes even higher or more complex, we remain bearish as long as it's trading below 1.7500 highs!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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US Single STOCKS (FREE Access), FX, Crypto
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
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.