Our Canadian dollar is also in the US dollar basket and always has been a good indicator to watch. I moved the wave 3 over to the 2011 peak which also matches the first peak of solar cycle 24. They can spew out all sorts of fundamental news to explain any move on the charts, but ask them about the fundamentals in 2000 chances are good they have no clue or can’t remember.
Back in 2000, it was the peak of solar cycle 23 and now we are facing a potential bottom with the ending of solar cycle 24. It could take the start of solar cycle 25 before the CAD turns bullish again. No matter how much we ignore the sun, we are under its magic spell! Solar cycles have a huge impact on business cycles and commodity prices and they are constantly changing our climate as well.
In the last few years, the Canadian dollar has formed an obvious inverted zigzag which is a bear market rally. The present 5th wave decline contains diagonal waves which are pretty common in 5th wave positions.
Our oil industry has been destroyed by the people that want to bring down the entire fossil fuel industry. 80% of all our food is delivered with fossil fuels and if that support was dramatically removed you would see massive starvation in a short period of time and our forests would get decimated just to keep us warm. We need electricity just to keep the internet running mining Bitcoins, never mind trying to get 5G up and running.