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Fibonacci channel & fan on USDCAD weekly

For question #1, I think when you see one wave, you need to wait for the pullback and find an entry there. For example when price starts to rally and you believe a 5-wave move is underway, you should look for the entry to go long at wave-2 or at wave-4, etc. Vice versa for the downtrend play for...

USDCAD chart pattern seems to be getting ready for another meaningful advance. But let's see how the market pans out. Have a nice weekend :)

USD.CAD daily chart

April Gold Channel

Market profile is new to me. What are the advantages of this method compare to the other TA methods?

Will it move in a channel next?

If the economy today turns out to be as severe as 1929~1933, it would not be a big surprise that the Dow hit 1600 someday. We are getting more and more bad news these days, but the key question is how bad it’s going to get. And of course, the key is also depending on how we read the...

Thanks Mu. The daily SPX seems to be in a "double bottom" level. I'll be watching the waves and how the market moves. I wonder what the other Elliott Wave gurus like Neely also say about the market these days.:confused:

Is this a 5-wave re-bounce or just a-b-c ?

Speaking of Neely, he has developed a new theory in the recent years _ the "Neely River Theory". http://tradinglib.com/education/neely-river-theory (I just found the article from the internet, so I know very little about the theory).

Ed, Yes, the weekly chart is important for us to get a feel about how the market is doing for the longer term. Let's see how things pan out next. Thanks for the VIX info.

Mu, Thanks for the comment. I had (5) label on the lower right corner on the chart. Is that what you mean?

Following your thinking, I added red labels on the chart. Let's see if I understand you correctly. Again, anyone may correct me if I am wrong.

Like this. Correct me if I did it wrong.

On SPX daily chart, perhaps it's now moving on a-b-c-x-a-b-c, I guess:D

Thanks Ed for the encouragement. It seems the impulsive waves are relatively easier to count but the corrective or sideway waves are tricky for the newbies like me. I’ll wait and see this time. :)

One of the possibilities?

The dollar strenth these days is maily against the EURO, CAD and the GBP etc. But the dollar is weak against gold and JPY. That's because investors trust gold and JPY better than the US dollar these days. :)

Thanks Mup. From my conventional TA, it seems to me the USDCAD price is now forming a pennant chart pattern. If the price breaks the upper pennant line, it can move higher. Perhaps this is a more likely outcome.