EURCAD, daily tf, elliott wave forecast of wave-IV and wave-V
As you can see price completed wave-III with the all 5 sub waves.
I assume wave-III is completed because waves-5 stopped exactly at 127.2 fibonacci of wave-4.
Notice also it hit the support of this downward channel and bounce back up.
For now, i think we could see upwards movement to complete wave-IV before another leg to the downside.
Buy EURCAD 1.4630-40
Stop loss 1.4530
Take profit 1.5130 (5R)
Use only 1-2% risk
Good luck
After we complete the upwards movement we will then sell again this pair.
The target for this pair sell positions is not determined yet because it will be depend on this wave-IV correction length.
For now we will assume that wave-IV can retrace towards 50% fibonacci level.
As for our stop loss it will be at wave-I area.
We will update when we start selling this pair.
I assume wave-III is completed because waves-5 stopped exactly at 127.2 fibonacci of wave-4.
Notice also it hit the support of this downward channel and bounce back up.
For now, i think we could see upwards movement to complete wave-IV before another leg to the downside.
Buy EURCAD 1.4630-40
Stop loss 1.4530
Take profit 1.5130 (5R)
Use only 1-2% risk
Good luck
After we complete the upwards movement we will then sell again this pair.
The target for this pair sell positions is not determined yet because it will be depend on this wave-IV correction length.
For now we will assume that wave-IV can retrace towards 50% fibonacci level.
As for our stop loss it will be at wave-I area.
We will update when we start selling this pair.