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Short

EURCAD : Correction May Be Over; Pair Could Reach Lower Levels

FX:EURCAD   Euro Fx/Canadian Dollar
On the 4h chart of EURCAD             , we see that price was trading in a correction, because of a slow and sloppy price action. That said price made a double zig-zag labeled as red waves w-x-y. We think that correction might be over because of a sharp fall to the downside labeled as red wave i-circled. A recent pullback to 1.4984 could be red wave ii-circled, and now we may see price reach lower levels in red wave iii             in days ahead.

A double zig-zag is a correction, a complex pattern structured by seven swings. It's actually a combination of two simple zig-zags. The difference is that usually double zig-zag will make deeper retracement and be longer in time compared to only one simple zig-zag . Two zig-zags are separated by wave x.


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AUD, NZD and CAD (Twin and Hybrid Pair) will be strong based on my monthly and weekly Pips Movement. I agree strongly to this idea!. Cheers.
+1 Reply
TradeMY TradeMY
Attached is my data. http://puu.sh/kCdru/57e241fa79.png
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My thought regarding this pair is the same, (even though I'm not counting as you) but look what can be seen here, what you think? https://www.youtube.com/watch?v=Siz2YGg_7MU&feature=youtu.be
snapshot
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I have a deeper correction to the 1.43 area then trend continuation
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Marenno rlong9500
thank you for your reply!! Nice one :) let's see what's finally will happen!!!
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Looks like eurcad is still bearish on the 4h chart :)
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Have the same count now short at break of wave 1 low
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