AUDCAD update

After a three wave pattern for wave 'X' AUDCAD is expected to make a move below 0.9150.
We see a bearish impulse in progress and selling after a consolidation is what we should do. However the structure for wave (c) is complex and might turn into an ending diagonal indicating a last leg higher is needed before price will break below 0.9150. (alternative wave count (i)-(ii)-(iii)-(iv)-(v)). Short term this would not change a thing and once this bearish move progresses we will be better able to determine what to expect next.

Updates will follow

Kommentera:

It seems like AUDCAD is correcting the strong bearish move of last week. But focusing on the bearish impulse I see three fractals at the moment which are almost perfect. This means that depending on what's next AUDCAD might not be ready yet for a bearish trend. In my original post I described two scenario's. Either way I will be looking for a sell once this consolidation is complete. This will most likely either be a wave 5 or wave C lower. For now I like to see the consolidation mature before selling the continuation.
The arrows are only an indication and not showing expected future price patterns.