USDCAD Short Idea (scalp): UC to continue near term momentum

USDCAD made a substantial move down today.
I expect at least a second wave to follow along, but perhaps not has strong.
One more leg would complete an ABCDE corrective sequence.

OR, that leg down today COULD prove to be just wave 1 of a 5-wave impulse.
If so, then my targets will be quickly breached, as the next leg down would be a wave 3 of 5, most often the strongest.
While I am NOT expecting that, it sure would be nice to have a position for it.

Commentaire:

Oops, just realized the (D) in my chart was not in the red zone, but stuck to top of candle due to magnet tool. Anyway, it is the Red zone that is of interest

Commentaire:

UC did about what I expected.

The down leg was about the length expected, only it fell a little sooner than expected and fell a little lower than plotted. I must have mis-measured a fib, will evaluate.

Commentaire:

I have posted a follow up Idea after my new measurements