EURCAD elliot wave pattern and support. Long

Euro Fx/Canadian DollarFXCM

Description

⋅ Aug 15, 2018 8:34 PM

On the daily chart , EURCAD 0.60% showed a strong support (Blue) and resistance (Yellow).

Additionally the Elliot wave pattern partially forrmed reaching the B pattern. The C pattern need to be formed.

According to the elliot wave theory, going long on EURCAD 0.60% could lead to some pips.

I will still nevertheless suggest to wait the RSI confirmation.

Don't forget your SL and TP. FX:EURCAD

Good luck, hope you enjoy!

Support and Resistance Elliott Wave

Comments

Pum

⋅ Aug 15, 2018 11:16 PM

It seems your count doesn't comply with the Elliott Wave rules - for example Wave 2 never go beyond the starting point of Wave 1.

Drap3r

⋅ Aug 16, 2018 8:48 AM

@Pum, yes you are right! Thanks will update.

Drap3r

⋅ Aug 17, 2018 10:55 AM

@Pum, Here the strong daily trend lines does the job as well. In fact I use a combination of indicators RSI MACD and trends lines and extra confirmation with elliot. Thanks for the correction