The EURCAD is in a complex correction so we have to focus on the main characteristics.
We see many overlaps which is almost always a corrective sign, with 7 waves and 7 is an extension of 3 which is a corrective count. We also saw this happening after a bullish impulse which I counted as a wave A.
Therefore I still like to see a move higher to test 1.49.
However we might see a truncated wave C so we need to be careful and trade what we see, this is why the safest trade will be a bullish break followed by a consolidation to buy the continuation.
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We see many overlaps which is almost always a corrective sign, with 7 waves and 7 is an extension of 3 which is a corrective count. We also saw this happening after a bullish impulse which I counted as a wave A.
Therefore I still like to see a move higher to test 1.49.
However we might see a truncated wave C so we need to be careful and trade what we see, this is why the safest trade will be a bullish break followed by a consolidation to buy the continuation.
timstuyts.com
facebook.com/timstuyts
Note
EURCAD is coming close to a possible conservative entry. I personally favored CADCHF for trading but EURCAD is moving as anticipated. Watch for consolidation and potential buy.Note
Guy's we saw the break, if you are not already in the trade look for minor consolidations and buy the continuation. Blue dotted lines represent my ideal target zone for wave C.Note
Keep looking for consolidations and buy continuation because we most likely move higher towards at least 1.482 and 1.493-1.50 respectively.
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Related publications
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.