Eurcadbuy
EURCAD POTENTIAL TREND CONTINATION SETUPHi Traders,
The 4-hour chart of EURCAD shows that the break out of descending wedge that lined up with a key resistance level is a five-wave impulse in wave (a).
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According to Elliot Wave theory, a three-wave correction in the opposite direction follows every impulse pattern before a resumption in the direction of the trend.
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We will wait for the completion of the corrective pattern, which is most likely retested the broken resistance that lined up with 50.0 Fib ratio and moving averages;
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Then look for the breakout of the counter trend line for entry. Price has the potential to move up towards -27.0 Fib Extension to complete wave (c) of 2.
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Safe Trading!
Veejahbee.
EURCAD - nice entry for a sell - join in!!EURCAD has retraced to Fibonacci retracement
level of 0.382 as previously surmised. from the chart
you can see that the bears are slowing taking over as
predicted before
Also Stoch RSI has turned back down, i am expecting this
to drop more. i will update if anything changes
See previous analysis also
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