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USDCAD Minor Wave Z To End Near 1.332

Started by PocketOption, Sep 02, 2022, 05:54 am

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PocketOption

USDCAD Minor Wave Z To End Near 1.332


The current USDCAD timeframe shows the internal structure of the long-term correction wave (4) of the intermediate degree. This is part of the global downward impulse Ⓒ of the primary degree.


It is likely that the correction wave (4) is a sideways wave consisting of minor waves W-X-Y-X-Z. Recently, the second intervening wave X ended, and now the price is rising in the final wave Z which takes the form of a minute double zigzag.


The pair could rise in the minor wave Z to 1.332. At that level, wave Z will be at 100% of previous actionary wave Y.


Then, after reaching the specified price level, we could see a market reversal and the beginning of a decline in bearish impulse (5).


 



According to the alternative, the formation of the intermediate correction wave (4) could be fully completed. Therefore, the first sub-waves of the descending intermediate impulse (5) are formed.


It is possible that impulse 1 and bullish correction 2 have ended. Now we see a decline in the minor wave 3.


The next target is 1.229 which is the previous minimum. Upon reaching this level, a small corrective rise is likely within the bullish correction 4.


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