AUDCAD - Wait for pullback before buying !

Wait for pullback before buying !

Price is in the termination point of black wave ((3))
We can count the Subwaves and expect blue wave (v) to end now or a bit higher at 0.9731 (0.618 Extension)
Notice the divergence also.

In any case, this is not the time to go long but to start taking your profits if you have bought earlier.


Trade Setup :

* Entry : Pending @ 9472 (0.382 Retracement)
* Stop : 1pip below wave black wave ((1)) high
* Target : to be determined (somewhere between 0.67 to 0.68)

Comment:

Looks like a shallow retracement is all we will get ...
Price might go a bit more sideways until touching/trespasing the channel.

Therfore a long position can be opend with first target @ 9741
and second target @ 9871

Comment:

Target Correction !!!

* Target 1 : 9733
* Target 2 : 9862