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AUDCAD Elliott wave analysis: Short position covered @ 9708Talking Point: Technical Strategy : Confirming it's bearish outlook Elliottwave View : Reversal confirmed and counting impulsive waves Analysis We are tracking AUDCAD (australian dollar to canadian dollar) since last month. It was trading sideways from Aug-2013. We were seen May-2015 a declined again but unable to takeout Aug-2013 low in impulse manner. We were experienced a bounce from 9170 area in May-2015. However, upside was corrective and can be counted as flat correction in Elliott-wave and possibly correction is over on 1.04 zone. With that in mind, we were expecting trend reversal should be taking place and can be seen impulsive declined from 1.04 and possibly we had it's first leg down from 1.04 to 0.9864 and now reversal confirmed from 1.0100 level. Currently we are counting impulsive bearish wave. We were expecting it's minor first leg and were expected small correction towards 1.00 which we indeed received. This provided our members who joined late in this train. On 19th Dec (Today), we are confirming correction should be over. We are marking this is a complex flat correction where price was traded in range bound. Currently price is testing horizontal support level along with weekly 200 SMA. Break of this level will expose this pair to 9400 and lower levels Action We are running two short position from 1.01 and 1.004, and for both position we lowered down our stoploss. We also added plan for third position 0.9909. However seeing current price support level, we are expecting bounce back in at aleast three waves which can provide re-entry later. Considering this fact and also we are heading into vacation period, we are closing all position in market rate @ 9708. To view complete trade, please refer "trade signal" section from member area. -- By Hoagtrading.com (Twitter: @Hoagtrading)
by Hittesh