MASSIVE USD drop!!

in forex •  7 years ago  (edited)

Elliot wave theory is a massive indicator of market cycles. Here the USDCAD has reached the top of the 2nd of 3 correction waves within the structure. This shows the potential for a huge 1000 point drop.

Screen Shot 2017-06-22 at 21.10.13.png

Price is now respecting a trend line since the beginning of the 2nd leg. Once the second leg breaks the trend line, I will be looking at a short position until around 1.2 with a trailing stop loss!

Screen Shot 2017-06-22 at 23.07.05.png

This method in trading is extremely powerful; have a look at my previous Elliot Wave from during the US election last year, you do not want to miss this: https://www.tradingview.com/chart/NZDUSD/4Wp9Avgn-NZDUSD-Bearish-Butterfly/

Good luck!

Kyle.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

This post received a 1.7% upvote from @randowhale thanks to @kylemcquade! For more information, click here!

Brilliant analysis as always!

@lewisglasgow learned from the best ;)