A sharp turn down on USDCAD is looking impulsive, but it can be part of a complex correction. Ideally that's wave C of an expanded flat in wave 4). In flat formations wave C will usually reach the area of wave A which in our case comes in at 1.2950 so we may see this level tested before market may turn up once again.
A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.
Basic Flat Pattern:
USDCAD, 4h
A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.
Basic Flat Pattern:
USDCAD, 4h
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