UPDATE: USDCAD - Totally USELESS Crab: IMPROVED & MORE USEFUL!

8 Tem 2015

In my earlier post, I posted a very premature crab pattern that I deemed "TOTALLY USELESS". Well, at the time it was. I was only drawing it in at that time as a thought exercise as the B point was not even confirmed yet and the C point was nowhere to be found.

Fast forward a few hours later and here we have a much, improved and much more USEFUL crab pattern with the B point firmly in place and the C point potentially established. I've filled in more details and as you can see, this crab would terminate very close to the TP1. Further cementing the point I made earlier in my analysis about this pair (see "Related Ideas: USDCAD: So You Wanna Go SHORT? B4 You Do, You Should Know...") that should prices reach TP1, I think that will complete the retracement and begin wave (iii) up past the recent highs.

For some perspective about where this crab fits in the greater scheme of things in regards to the Gartley, here's a DAILY chart showing the crab.