EURCAD Short Term Elliott Wave Analysis 11.05.2015

Short term Elliott Wave view suggests decline to 1.4439 ended wave (w) and bounce to 1.4668 ended wave (x) as a FLAT. Pair has since resumed in wave (y) lower with the internals unfolding as a triple three, where wave w ended at 1.4374, wave x ended at 1.455, wave y ended at 1.4247, and second wave x bounce is in progress towards 1.44 – 1.4437 area before turning lower again. As far as wave (x) pivot at 1.467 stays intact, once the bounce is complete, pair is expected to resume the extension lower towards 1.41 – 1.42 to complete wave (y) of (X). We don’t like buying the proposed wave x bounce.

EURCAD 1H20151105114233

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