Ascending zigzag. USD/CAD wave analysis.

Analysis for July 24^th, 2014

In our previous review, “Completion of descending zigzag. Wave analysis of USD/CAD for 07.07.2014”, we discussed one of the alternative scenarios how the price may move inside possible large triangle [iv] of C of (C).



Possibly, the price finished descending zigzag(a) of [iv] of C of horizontal correction [iv] of C. If this assumption is correct, then right now the pair is forming ascending zigzag(b) of [iv] of C with predicted target not lower than ~1.10.



Current wave structure at H4 chart implies that the pair is forming ascending zigzag(b) of [iv] and right now is finishing its first “leg” a of (b) of [iv], in the form of impulse. In this case, after completing this impulse, the price is expected to form local descending correction b of (b) of [iv] and only after that – continue forming ascending zigzag(b) of [iv].



This possible ascending impulse, a of (b) may be completed very soon – the pair is expected to form its final ascending wave [5] of a of (b).

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