USD.CAD bottomed EXACTLY where expected, now TARGETS for longs

2020-01-23 20:01:36

Followup to my previous analysis Mapping and Buying the Bottom (click).

As we were hoping, UC may have bottomed and ready for uptrend.
Recent economic news and a dovish BOC may support a trend change.
We look to be in a "wave 3" of a textbook five-wave impulsive move.

It is POSSIBLE that wave 3 has ended, but LIKELY for 3 to have one more leg.
It is PROBABLE that we reach at least the green 4.236 to complete a wave.
It is PLAUSIBLE that we reach the green 5.236 before significant pullback.

Plotted are two possible pathways to the targets.
The pathways are GUESSES, but the zones are SOLID.
Look for a "Ping" at a zone or fib which might turn it.

Below are my two attempts to catch the bottom

Attempt 1: Caught a scalp to targets, but then it died
https://www.tradingview.com/chart/USDCAD/ObvbW3cf-USD-CAD-long-scalp-into-Reversal-Trade-UC-might-have-bottomed/

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Attempt 2: Caught a nice slow turn around, a "J-Lo Bottom" if you will:
https://www.tradingview.com/chart/USDCAD/ObvbW3cf-USD-CAD-long-scalp-into-Reversal-Trade-UC-might-have-bottomed/

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I also plot Crypto and some Stocks, check my Profile Page.