EURCAD short idea

FX:EURCAD   Euro Fx/Canadian Dollar
274 5 0
I think a correction is close. I am not sure, whether we see a top. It might be that we correct to a certain Fibo Level like 23.6 or 38.2. It does not matter for me, whether we see a pattern here or not. I just want a part of a move. I am also not sure whether we start the correction be next week, but it is my guess.
The second pattern is not valid. The B-C ext should be maximum 1.44 of XA, The best way is to be exacly 1.27. And the pattern completes at 0.78 XC. So I really don't think this can be a reversal.
If you scroll back in price history as shown on the attaced chart you will see former resistance levels and the price has entered the first zone and in case of a "small" correction the lower end of the resistance zone should act as support now and this will "for the time being" limit the downside potential for this pair in question. Conclusion: once the price breaks out of this zone to the upside new buyers can be expected to enter the market as the break out will trigger alarms for those who look out for those kind of plays.
Gramatiko89 and Tradersvision thank you very much for your feedback. You might be right. I am not so sure about this trade, but I would think that I could get the 23.6% level. If this happens than I will take my profit out.
Position closed
BTW: I did close this short position, but regardless whether the pattern was correct or not the price moved exactly according to the forecast... Now we do have around 50% retracement.
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