We might have finished this ending diagonal at 1.4417 and have seen the first 5 wave move of a new bullish trend that should continue higher from around the 50-61.8% retracement levels if the count is correct.
But the chance remains we are still in wave 4 of this diagonal here and so we need to expect one more new low to around 1.4350 before we rally higher.
So, you can look to buy around the marked zone with a stop 1pips below wave (5) low and add to position if price rallies.
If price makes a new low, look to buy after a 3 wave move down around 1.43.
If price goes much lower to 1.4150, the diagonal count gets invalidated as this would then make wave (3) the smallest of (1,3 & 5).
But the chance remains we are still in wave 4 of this diagonal here and so we need to expect one more new low to around 1.4350 before we rally higher.
So, you can look to buy around the marked zone with a stop 1pips below wave (5) low and add to position if price rallies.
If price makes a new low, look to buy after a 3 wave move down around 1.43.
If price goes much lower to 1.4150, the diagonal count gets invalidated as this would then make wave (3) the smallest of (1,3 & 5).
Note
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Note
Hourly chart - As you can see we have a 5 wave rise followed by a Flat correction, currently in the last moments of wave (c) of ((ii)).
Note
EURCAD - Chances are increasing we'll go higher. A break above 1.469 would be a confirmation. Note
Price made a very deep retracement and is currently sitting on the 78.6% retracement level.If we don't see a bounce soon, bulls won't last.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.