Veejahbee
Long

AUDCAD SET TO COMPLETE THE BEARISH PULLBACK FROM DEC 2018.

FX:AUDCAD   Australian Dollar/Canadian Dollar
Hi Traders,

The AUDCAD rally that started in Oct 2018 from 0.9107 low can be seen as an Elliot Wave impulse structure, labelled 1-2-3-4-5. According to Elliot Wave Principle, a three-wave correction in the opposite direction follows every impulse.
.
AUDCAD's seems to be in the corrective phase since 18th Dec 2018 and it's unfolding as a combination. So far, we have seen a (w)-(x)-(y) combination structure in wave W, double zigzag in wave X and wave Y seems to be unfolding as a simple zigzag pattern.
.
The overall correction in wave (B) is expected to terminate within the blue box and maybe retest the channel support. If this count is correct, a 5-3 wave cycle will be considered to be completed, and the trend can be expected to resume in the direction of the main impulsive sequence in wave (C).
.
Did you like this Elliot Wave Analysis? Kindly let me know in the comment.
.
Thanks for reading!
Veejahbee.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out