EURCAD Bearish Wave C is Around the Corner
|Hi traders,
EUR/CAD developed a bullish momentum during the last weeks... It seems that this price action was developing bullish wave B pattern I think that the pair is now is waiting bearish wave C confemrtion.
We will review different scenarios as the pair can either bounce for bearish momentum of wave C or expand the bullish momentum of wave B .
This article will discuss the wave perceptive and expected scenarios for the pair during the coming days using wave pattern, support, and resistance and SWAT software.
EUR/CAD Wave Pattern
The below chart shows that the pair developed a bullish momentum... In my view, the pair is in wave B now and we are still looking for the confirmation of bearish wave C. And here are the main conclusions:
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Wave C is usually composed of 5 waves.
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I think that the pair will start wave 3 of wave C.
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Wave 3 final target is usually at 161.8% Fibonacci expansion.
For the moment I expect the bearish momentum of wave C to take place.
EUR/CAD SWAT CHART
Now it’s time to use the SWAT 4-hour chart to determine the entry points according to the expected wave patterns... SWAT Chart shows a start of bearish momentum ... Here are the main developments to consider:
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A strong bearish candle breaking the up trande and the 21EMA ,144 EMA
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Our target Wizz 5 .
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I advise traders always to protect their profit or use trailing stops.
Thnaks
Ahmed
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