Analysis for September 2nd, 2014
In our previous review, “Inside horizontal correction. Wave analysis of USD/CAD for 26.08.2014”, we discussed in details one of the possible scenarios how the price may continue moving.
The pair continues forming a possible descending correction
b of (b), which may take the form of
zigzag and reach level of ~1.0750. Right now, the price is completing a local ascending
zigzag[B] of b, after which the market may continue falling inside an impulse or
diagonal triangle[C] of b.
The wave structure on H4 chart implies that right now the market is forming a local correction
b of (b) of a large ascending
zigzag(b), after which the uptrend may continue inside an ascending wave
c of (b). The critical level for this scenario is at 1.0619.
Our mid-term expectations haven’t changed much. The market continues forming a horizontal correction
[iv] of C, which may take the form of
flat or a long horizontal pattern. Right now, the pair is forming an ascending
zigzag(b) of [iv].
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