Here is a detailed break down of how EURCAD can be executed.
After an impulse move advance very often it is corrected, unless it was a wave C advance which always unfold as an impulse wave. In this situation EURCAD seem to unfold as a complex correction, correcting the move to about 80%. With the final move unfolding I'll be focusing to get on the next rally up.
After the big impulse move that ended at the 16 of April we saw an correction which is still till date unfolding. With wave c unfolding as an ending diagonal, we can expect a rapid rally to the upside as ending diagonals are characterized in that manner. Mind you shorting this pair is based on the fact that the short term trend is down.
After the final count of the E wave of the larger degree, we saw a 5 wave advance to the downside confirming that indeed the triangle formation has finished. have been expecting a pull back the past week, I have come to a conclusion to short this pair.
I am assuming a corrective phase is about to come to an end and impulsive wave 3 is about to begin.
On Gold I saw 5 legs down as wave 4 instantaneously I thought of a zig zag possible formation, currently forming minor wave C. Using a good trading plan it can be executed at a good risk-reward plan.
with proper confirmation we enter at 69.500 or at current zone but the good target is 69.500