UPDATE #1: QUICK ANALYSIS: USDCAD: Has Wave (3) Started?

In my last post (see related Ideas: "QUICK ANALYSIS: USDCAD: About To Break Out To Finish Wave V"), I was hinting that this pair would break out of its' long consolidation soon and start moving up to possibly finish the wave 5 of the main trend. So with the recent price action, has this move up started? I hesitate to say definitively that is has because there isn't any solid confirmation just yet.

What I am showing here is the there was a bullish bat that was completed right at the bottom trend line of the contracting triangle pattern. What I also drew in is a POSSIBLE POTENTIAL bearish crab pattern that has it's C point right at that same point where it hit the bottom trend line. If both these patterns hold and prices do not reverse back down to take both of them out, then it's a good probability that a wave (3) has started.

If prices do still continue to consolidate and whip back and forth and does reverse back down invalidating both the bat and the crab, then if it breaks through that bottom trend line, there is a POTENTIAL bullish perfect Gartley waiting to be completed which could send prices back up. If this happens, then that would be a false break down below the triangle and a move back up from there would be a STRONG signal to go LONG.

MY TRADE PLAN
I didn't buy on the bat completion as I needed to see more bullish price action before getting in. So I am sticking to my original plan which was to wait until a break out ABOVE the triangle to get LONG. If and when that happens, then that would also break the B point of the crab pattern confirming its' C point and increasing the probability that the crab would complete.

*DISCLAIMER:
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