USDCAD may potentially complete a bearish crab pattern in the reversal zone of a bearish Wolfe wave setup. The Wolfe wave target line is confluent with the 50% retracement of the 2-5 impulse in addition to the XA terminus. To add to bearish bias, crude is nearing the completion of a series of bullish patterns (see related ideas). SL is placed at the 1.13 retracement of the crab XA leg with target at the Wolfe wave target line.Confluence in the PRZ:
- Bearish crab pattern completion
- 1.786AB=CD completion
- 3.5BC projection
- Bearish Wolfe wave setup
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Bullish Crude Setup:
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Note
NOTE: USDCAD currently trading at the Wolfe Wave 2-4 parallel extension.
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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.