Canadian Dollar Double Zigzag
This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-21
Commentary: It is clear that a triangle is unfolding in the USDCAD, but where does that fit in the larger pattern? Triangles occur as either 4th waves or B waves and the structure does not favor this as a 4th wave. However, if a big double zigzag is unfolding from the 11/7 low of .9055, then this triangle fits nicely as wave B of the second zigzag.
As such, wave C of the zigzag should be underway soon and take price close to where the second zigzag (from .9510) equals the first zigzag (.9055-.9724). This objective is at 1.0179.
Strategy: Bullush now, against .9703, target 1.0150
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