USDCAD: Elliott wave analysis and forecast for 31.05.24 – 07.06.24

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Main scenario: consider long positions from corrections above the level of 1.3586 with a target of 1.4000 – 1.4200. 

Alternative scenario: breakout and consolidation below the level of 1.3586 will allow the pair to continue declining to the levels of 1.3354 – 1.3170.

Analysis: the ascending first wave of larger degree (1) continues developing on the daily time frame, with wave 5 of (1) forming as its part. The third wave of smaller degree iii of 5 is developing on the H4 chart, with wave (iii) of iii continuing forming within. Apparently, a local corrective wave iv of (iii) of… Read full author’s opinion and review in blog of #LiteFinance

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