Long

Updated

EURCAD - Small buy opportunity before selling hard!

The fact price came below last low means we might be in a Flat correction. In this case, price usually turns around the 138.2 Retracement level, where we see support from previous price action.
If price moves below the 161.8% Retracement, we will have to adjust our view.

Short term, look to buy around the support zone.
Targets : 1.5260 to 1.5360
Stop : 1.5053 once you enter then move it to the low that gets formed if price goes up.

Note

Price is now on support, let's see if it will hold.
When we see an impulsive wave, we often see divergence between wave 3 and 5. This is not the case here. We might still be in wave 3 therefore. If you want to buy right now, start with 1/4 of your standard lot size. Then buy again at 1.5148 for 1/4. Then scale in again at 1.5245

Note

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Note

Alternate count :

Note

We can see bullish divergence on the alt count on 4H time-frame.
This suggests the impulsive wave is coming to and end.

Note

Price turned at support zone.
I went long at the 1.27 Retracement.
Stop below support at 5080.

Note

Positions closed at break-even.
I would have liked to see the price go above 5182 & 5240 ideally.
Because price came down to 1.509x, I will consider the possibility of an ABC correction (where we should see price fall some more next).
I will stay out of this for the moment until I see a more clearer setup.

Note

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Note

Price broke support, but we are at the 138.2% Retracement level. If the Alt ABC count is correct we should see price go higher from here, and not go below the 161.8% level. If it does go below it, we will consider an extended wave 5 is in play and should see price go down to 1.4950. In any case, this is not a pair I'm willing to trade but I keep it on my watchlist.

Note

If price goes below 1.5050 then wave C might be in and we can look to short right away

Note

Updated count

ElliottWaveBelgium

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ElliottWaveBelgium

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