MSFT has accomplished the corrective wave (b) and started falling for wave (c) of wave (4).
Traders can expect the following targets: for wave (c). Here, 273 is the Fibonacci level of 50% of the wave. This level will act as a crucial level.
An uptrend is only possible after the breakout of the parallel channel.
Invalidation is available for premium subscribers only.
EURCAD is forming a downtrend channel.
Price is establishing a final sub-wave 5 of wave (5).
In my previous idea, I have mentioned that, If the price breaks down channel C, the following targets for Wave 5 will be 1.4313 – 1.42520 – 1.41652- 1.41156.
Price reached all the targets of wave (5).
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Currently, the price is heaving correction, but safe traders can enter after the breakout of the C channel.
After making wave (5), if the price breaks the B channel, it can go for 1.4377 – 1.4466 – 1.4569 – 1.4645+. And Price will start a new 5-wave impulse structure. Invalidation is available for premium subscribers.
Please note that without a breakout, trend changes may not be possible.
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Silver(XAGUSD) has formed a downtrend channel for more than 48 weeks. Price has made a high of 30.03, and sellers entered the market.
Price Action Perspective:
Price has made a series of Lower Highs and Lower Lows, and the control line gives nine touches.
According to Dow theory, if the price breaks the previous LL, it will make a new LL. The upper band & lower band has provided strong reversals to the price.
After breaking the LL, if the price gives a breakout of the downtrend channel, it indicates the worst fundamentals. And if the price gets reversed to create the lower band of the downtrend channel, the price will march to the upper band touch.
Price has constituted a corrective structure, where price has completed double zigzag(w-x-y).
It will create the last leg wave Z in order to complete the Triple correction. After making the last leg Z, silver will start a five-wave impulsive wave.
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XAUUSD is forming a triangle on the wave ((4)).
This correction has taken more than 17 months, but the triangle is not over yet. Price has completed wave D of the 4th wave triangle, and wave E of wave A is in progress.
After completing the wave sub-wave A, the price will start wave B & then wave C.
The ending point of wave E is the starting point of the impulsive cycle.
Calculation of wave E:
Wave E can end 100% of wave sub-wave A at 1726.
Wave E can end near previous sub-wave B at 1719
Wave E can end at 100% of wave D at 1704.
Traders can wait for the breakout of the B-D trend line. Note that if the price doesn’t break the B-D channel, sideways will be continued.