USDCAD Short-term Elliott Wave Analysis 8.5.2016

Preferred Elliott wave count suggests that rally to 1.324 ended wave W. Wave X pullback is in progress as a double three structure where wave ((w)) ended at 1.30, wave ((x)) is unfolding as as FLAT and should ideally fail below 1.3232 high for another push lower in wave ((y)) of X toward 1.2953 – 1.2882 area before pair turns higher again. If pair fails to make another low below 1.3000, then wave X ended at 1.3000 and first leg up from there unfolded as a FLAT. We don’t like selling the pair and if it does make another push lower, it should find buyers in 1.2953 – 1.2882 area for the next leg higher or we would wait for it to reach extreme area up from 5/3 low before selling the pair for a 4 hour swing lower.

11USDCAD 6020160805085216


At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

Subscribe to our Chart Of The Day Blog

First Name: *
Last Name: *
Your Email Address: *