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USD/CAD finds the resistance within a complex correction [Video]

Gregor Horvat Wavetraders

USDCAD is still trapped within an upward channel, but the structure still looks like a complex WXY correction up from the June lows. And it seems we may now be in the final subwave of this pattern, which may already try to form a top at 1.4150 area, after that recent reversal from the upper side of the corrective channel. It looks like a small impulse, so more weakness is likely coming.

A W–X–Y correction in Elliott Wave Theory is a complex (double three) corrective pattern made of two simple corrections (W and Y) linked by a smaller connecting wave (X). Each of W and Y usually forms an A–B–C structure, creating a total of seven waves. It often appears when the market needs more time to correct, resulting in sideways or choppy movement rather than a sharp retracement.

basiccomplexcorrection — Basic Elliott Wave Complex Correction

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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USD/CAD finds the resistance within a complex correction [Video]

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