Is it finally time for the Looney to drop?
Hi All,
This pair has been very frustrating of late and from what I have seen, it is a bit of a rouge pair as it doesn't follow the DXY basket movements even though it accounts for 9.1% of it's movements. With that in mind, CAD must be the corrective pair in the DXY as it does the opposite to EUR and CHF which explains the rouge / corrective nature that the Looney is.
However, it does look like it has come to an end based on my EW count as listed below.
Updated count:
Overall count I have is a Flat correction (3-3-5) broken down like this...
Wave A: 3 Wave ZZ correction
Wave B: 3 Wave Flat correction
Wave C: - Ending Diagonal or an ascending triangle (5 waves broken down into 5 x 3 corrective waves)
Wave 1: Double ZZ (WXY)
Wave 2: Flat Correction
Wave 3: Double ZZ (WXY)
Wave 4: ZZ Correction
wave 5: ZZ Correction (Key thing to note here is that wave A vs. C has now hit 100% which is a key termination point so possible reversal could be in play)
I am not looking for short entry for a possible BIG short to target 1.15720.
Keep an eye on this one for sure...
Good Luck!
Don
This pair has been very frustrating of late and from what I have seen, it is a bit of a rouge pair as it doesn't follow the DXY basket movements even though it accounts for 9.1% of it's movements. With that in mind, CAD must be the corrective pair in the DXY as it does the opposite to EUR and CHF which explains the rouge / corrective nature that the Looney is.
However, it does look like it has come to an end based on my EW count as listed below.
Updated count:
Overall count I have is a Flat correction (3-3-5) broken down like this...
Wave A: 3 Wave ZZ correction
Wave B: 3 Wave Flat correction
Wave C: - Ending Diagonal or an ascending triangle (5 waves broken down into 5 x 3 corrective waves)
Wave 1: Double ZZ (WXY)
Wave 2: Flat Correction
Wave 3: Double ZZ (WXY)
Wave 4: ZZ Correction
wave 5: ZZ Correction (Key thing to note here is that wave A vs. C has now hit 100% which is a key termination point so possible reversal could be in play)
I am not looking for short entry for a possible BIG short to target 1.15720.
Keep an eye on this one for sure...
Good Luck!
Don
Trade fermée: cible de profit atteinte:
Update count coming shortly - Good pips gained.
