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

FX:EURCAD   Euro Fx/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.
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out