Continuation of a descending zigzag. USD/CAD wave analysis
02.10.2014
Analysis for October 2nd, 2014
In our previous review, “Expecting a descending zigzag. Wave analysis of USD/CAD for 24.09.2014”, we discussed one of the possible scenarios how the price may complete an ascending zigzag(b) of [iv] and start a descending zigzag(c) of [iv].
The wave structure on the H4 chart implies that the pair has completed diagonal trianglec of (b) and the whole ascending zigzag(b) of [iv] and started forming a descending zigzag(c) of [iv].
Our mid-term expectations haven’t changed so far. The market continues forming a descending correction [iv] of C, which may take the form of a long horizontal pattern. Right now, the pair is expected to continue forming a descending zigzag(c) of [iv].
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.