USD/CAD And S&P 500 Elliotwave Updates
Gregor Horvat | Dec 28, 2016 05:13AM ET
USD/CAD is in nice uptrend since mid-December, which looks like a clear impulse because of no-overlaps. We see pair now in extended red wave 3) which is in late stages but there is room for another 50 pip move into our Fib. resistance levels shown on the chart.
USD/CAD, 1H
Stocks are not moving much at this time, but we may see some strong moves by the end of the week if we consider that triangle on E-mini S&P 500 can be finished with recent wave E new 2259. A break above 2269 would be a strong indication for a break to a new all-time high, towards 2280.
S&P500, 1H
A triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Basic Triangle Pattern:
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