EURCAD has found Support @ 100% FIB Ext w/ Wave 4 Completion

FX:EURCAD   Euro / Canadian Dollar
141 4 1
EURCAD             has found support at 100% FIB Extension and structural support with possible Elliott Wave 4 Completion. Wave 5 may take it all the way to resistance level at 1.6200 and above to complete a bearish Cypher pattern. RSI shows oversold condition. All the four factors signal a bullish trend .
Sorry sir, that is not a Cypher pattern. You've got the C leg wrong.
-1 Reply
gpuri Aqua-Life
Cypher pattern is not the main theme in the chart. Having said that in reality 'C' leg ratio is 1.175 but I drew 1.272 for a reason to show how close it is to price action.
Yeah but, if it doesn't hit the 1,272 extension, then it shouldn't be a factor to confirm a bullish trend as you describe right? As it does not complete a cypher pattern if price gets to 1.6200 because it's not valid. (I actually think if a pattern isn't completed yet it does not confirm anything where price should/would go, because a pattern in the making is not a drive for the market to complete in my opinion)
-1 Reply
gpuri Aqua-Life
As I said before the Cypher pattern is not the criteria for the above bullish trend. Also I never said Cypher is completed. Even if it does complete it is bearish not bullish.
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