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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 9, 2019

JP Morgan Chase Co.: wave analysis 09 October 2019, 09:59


Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.80
Take Profit 120.46, 123.50
Stop Loss 110.47
Key Levels 97.40, 104.72, 110.47, 120.46, 123.50
Alternative scenario
Recommendation SELL STOP
Entry Point 110.40
Take Profit 104.72, 97.40
Stop Loss 112.30
Key Levels 97.40, 104.72, 110.47, 120.46, 123.50
The price may grow.
On the 4-hour chart, the fifth wave of the higher level 5 of (3) develops, within which the wave v of 5 of the lower level forms. Now, the third wave (iii) of v has formed, and the local correction (iv) of v has ended, which has reached the correctional level of 62%. If the assumption is correct, the price will grow to the levels of 120.46–123.50. In this scenario, critical stop loss level is 110.47.


Main scenario
Long positions will become relevant during the correction, above the level of 110.47 with the targets at 120.46–123.50. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 110.47 will let the price go down to the levels of 104.72–97.40.

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