On the 4h chart we can clearly count five waves of decline from the 1.0679 top, which is called an impulsive structure. The recent lows of that move were reached at 1.0235, just a few pips away from the January 1.0223 lows, from where we may see up-side momentum.
The market is likely to make at least three waves of an upward corrective move in the near-term, since a previous five waves of decline looks to be complete. Before we can confirm a near-term bullish reversal, we need to see impulsive intra-day price action on the upside.
The bullish divergences on the RSI and MACD indicators also signal for higher prices in the near future.
TheLFB CadTheLFB Charting: Usd/Cad 4h view
If you would like to be a part of TheLFB.com, to receive a full Elliott wave detail for Usd/Chf (monthly, weekly, daily and 4h charts) and if you want to know what comes next and what to expect from the market, then join us now.
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
About the Author
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
Add this page to your favorite Social Bookmarking websites
