Analysis for December 19th, 2014
In our previous review, “Finishing strokes before the fall. Wave analysis of USD/CAD for 08.12.2014”, we discussed one of the possible scenarios how the price may start the downtrend inside
zigzag(c) of [iv].
The previous scenario is still in effect. However, the current chart structure implies that the market may have chosen an alternative scenario, according to which the price has already completed an ascending impulse
C of (C) and the whole
zigzag(C) (or is about to complete them in the nearest future).
If the assumption about completion of an ascending
zigzag (C) of [B] is confirmed, correct, than later the market is expected to start forming a descending
zigzag(D) of [B] of a large
horizontal triangle[B] with the target at level of ~0.95 of a bit higher.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department