Fxprotrader

GBPCAD@ AB=CD Pattern Completes Wave 4 of Elliott Wave Cycle

FX:GBPCAD   British Pound/Canadian Dollar
Price in GBPCAD             is in a corrective structure. If it moves a little more to the down it forms a bullish ab=cd pattern with it's D point at a key support zone . Looking at the daily timeframe we clearly see that price has already formed three waves of an elliott wave cycle. The completion of the ab=cd pattern equals the completion of an abc             corrective wave 4.

Profit target should be the c point of the pattern with an aggressive one the 1.27 extention of wave 3.

Elliott wave count:

snapshot
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