NZDCAD commentary
Price completed an impulse wave series and entered a corrective phase which means that we expect medium-to-long term bearish movements. The first correction wave completed successfully and we are now located just before the end of the second wave.
We notice that the market doesn't allow price to break above the highs in the recent candles, which means that there's a lot of liquidity above them which eventually will be grabbed in one way or another.
However we still consider that we are in the corrective phase of NZDCAD so price shouldn't surpass the ultimate recent high in any case or else we will have invalidation of the pattern.
So my plan is to wait until liquidity is grabbed above the highs and the reversal for the end of the correction phase starts. I expect price to drop from a golden (for me) fibonacci retracement level and reach the extension of the previous wave.
We notice that the market doesn't allow price to break above the highs in the recent candles, which means that there's a lot of liquidity above them which eventually will be grabbed in one way or another.
However we still consider that we are in the corrective phase of NZDCAD so price shouldn't surpass the ultimate recent high in any case or else we will have invalidation of the pattern.
So my plan is to wait until liquidity is grabbed above the highs and the reversal for the end of the correction phase starts. I expect price to drop from a golden (for me) fibonacci retracement level and reach the extension of the previous wave.
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