The bearish trend is present in USD/CAD currency pair, 15 minutes time frame based on USD/CAD Elliott wave Analysis. As I have forecasted few hours ago, the price of USD/CAD pair is going to falls down now on a short-term basis to print a Bearish Impulse Elliott Wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price descended.
Strong key resistance level is present at 1.3014 price area where the Bullish Double Zig Zag pattern has ended as well. In my judgment, price action in USD/CAD currency pair is now going to drop few more pips to complete the bearish wave iii leg which is part of a larger degree bearish wave 5 leg. Based on Elliott wave analysis, the current bearish wave iii is the start of a down trend. So, I expect the market to resume the down trend now as bullish wave ii looks complete.
Currently, Bearish Impulse wave iii leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend. However; if the price of USD/CAD currency pair breaks above 1.3014 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the USD/CAD Elliott wave analysis in fifteen minutes chart.
Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of USD/CAD currency pair.
Below is the 4 hours chart of USD/CAD pair with USD/CAD Elliott wave analysis which shows us a big picture and a strong bearish trend as well.
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To me; price has printed a Bearish Impulse Wave (3) pattern and bullish corrective wave (4) leg as well. Now, market is falling down to print the last and final bearish leg – Wave (5). Bearish Wave 5 is most likely going to be bearish impulse wave pattern. With in a bearish Impulse wave, all motive waves must sub-divides into smaller impulse 1, 2, 3, 4 and 5 waves pattern.
The following Elliott Wave Bearish Motive wave pattern diagram shows us a completed bearish impulse wave within the context of Elliott wave principle.
Based on my USD/CAD Elliott wave analysis, we have got an incomplete Bearish wave (5) leg in USD/CAD currency pair, 4 hours time frame. Now, price is probably going to drop more to complete the bearish wave (5) leg.
To me; the bullish leg in price action was just a pull back in a down trend as mentioned above as a Double Zig Zag in fifteen minutes chart of USD/CAD pair. Strong key resistance level is present at 1.3347 in USD/CAD four hours chart.
So, I expect market to falls down more now to complete the bearish wave (5) leg. So, in my opinion market is going to resume the down trend in USD/CAD currency pair, time frame is 4 hours chart.
However; price should stays below 1.3347 resistance area in 4 hours time frame to keep the down trend alive. A clear break out in price action above 1.3347 vital resistance area will end the down trend and in such a market scenario, it would be best not to trade the market and re-analyze the USD/CAD 4 hours chart.
Based on USD/CAD Elliott wave analysis the trend is down in 4 hours chart and a good idea is to look for a sell trade around 1.3045 price area, as price is going to drop towards 1.2925 but a clear break out in price action above 1.3347 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in USD/CAD 15 minutes time frame and a good idea is to take a Short trade around 1.2969 price level and price is probably going to falls down towards 1.2935 area. However; if the price of USD/CAD currency pair breaks above 1.3014 vital resistance level then bearish trend is going to end. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.
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