EURCAD Forecasting Rally & Buying Dips
|In this technical blog we're going to take a quick look at the past Elliott Wave charts of EURCAD published in members area of www.elliottwave-forecast.com. As our members know, EURCAD have had incomplete bullish sequences in the 4 Hour cycle, suggesting further strength . Consequently , we advised our members to avoid selling the pair and keep on buying the dips in the sequences of 3,7,or 11 swings against 1.4437 low whenever there was an opportunity to do so.
Let's take a look at the previous short term Elliott Wave forecasts.
EURCAD 4 Hour Elliott Wave Analysis 1.7.2018
As we can see on the charts bellow, wave (X) blue pull back is in progress. It's unfolding as Double Three ( 7 Swings structure) , when we're still in Y leg. As of right now the price is missing another marginal swing to the downside. The pair is showing incomplete structure from the peak , so it can see more short term weakness toward 1.48376-1.4728 area to complete the proposed pull back. At that area buyers should appear for further rally ideally or 3 wave bounce at least. We don't recommend selling it against the main bullish trend. Invalidation for the long trades is break below 1.618 Fibonacci extension : 1.45509 level.
EURCAD 4 Hour Elliott Wave Analysis 1.15.2018
We got proposed leg lower toward our buying zone : 1.48376-1.4728 . EURCAD found buyers at mentioned area and completed pull back at 1.4810 low. It has given us nice rally so far ,members are enjoying profits with risk free positions. Keep in mind market is very dinamic and short term view could have ended in meantime. If you're interested in new Elliott Wave forecasts of EURCAD and trading setups you can find them in the membership area of EWF.
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