MASSIVE USD drop!!

in #forex7 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.

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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 ;)