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Guest Commentary: MarketVisionTV - The $CAD 'Sentiment' or 'SHAFT' Triangle

Guest Commentary: MarketVisionTV - The $CAD 'Sentiment' or 'SHAFT' Triangle

2012-01-26 15:46:00
Ed Matts, MarketVisionTV.com,
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The Dollar remains within a correction to the major reversal from 94.05. Most likely a triangle that should ideally hold the 98.90 support until an eventual break up to and beyond the 1.0850 high. The question is timing and levels.

Guest_Commentary_MarketVisionTV_The_CAD_Sentiment_or_SHAFT_Triangle__body_cad2601.png, Guest Commentary: MarketVisionTV - The $CAD 'Sentiment' or 'SHAFT' Triangle

Last week we used the SHAFT triangle..that is the sentiment shifts within a triangle to show that it was not ready to break higher that the market anger and frustration suggested it remained in between the C and D legs. Indeed the loss of 1.0075 confirms that it remains at best in a C leg to a c=a objective of 99.55. Now it is the C leg that is the most dangerous in a triangle to the downside and has t prove itself with an eventual break back above 1.0170 now to signal a D leg run at 1.0310-1.0420 before a much safer and better buying opportunity in the E leg drop below parity. A loss though of 98.90 clearly suggests it probably a B Wave triangle projecting another c=a target of 97.60 from 1.0520 but even 95.45 from the last 1.0310 high.

For Further Videos and Commentaries visit www.marketvisiontv.com or follow @EdMatts on Twitter...

By Ed Matts, MarketVisionTV.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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