Elliott Wave Analysis On USDCAD And SP500
On USDCAD we are looking at declining price action from 1.4018 that can be an expanding diagonal, now moving down into the final stages of decline. We see wave 5 of C) headed beneath 1.3650 and even towards 1.3600 area, where pair can be looking to form a low this week.
E-mini S&P500 keeps moving up, so we adjusted the wave count which is still an impulse from the low, but now with wave v-circled in progress up to 382.% projection level of wave three measured from end of wave four. At the same time we also see a divergence on the RSI, which is very common between waves three and five that indicates a coming turning point. That said, we still think that sooner or later new set-back will occur in minimum three waves.
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