Adnan
Long

Primary Wave Outlook on Euro CAD

FX:EURCAD   Euro Fx/Canadian Dollar
First this pattern appears quite difficult to read. But once you put the targets into perspective, one witnesses that the primary wave 3 ( iii             ) is an exact 1.618 Fibonacci extension of wave 1 (i). By this token if the count ratio of 1:1.618:1 is to hold, then the next primary wave high is going to be ~ 1.64 level, which is a hefty ~1100 pips gain.

I would certainly remain bullish on this currency pair, but would trade the high's and lows of RSI , Stocastic, and review MACD cross overs.

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