$USDCAD 1 Hour Elliott Wave Analysis (5.8.2014)

Pair has been declining since forming a peak @ 1.1054 on 4.23.2014. Initial decline to 1.0938 was in 3 waves which we have labelled as wave A. According to Elliott Wave Principle, wave B would normally end between 50 – 76.4% area of wave A, that’s exactly what we saw here. Pair is now approaching 0.618 ext of wave (( A )) @ 1.0792 so wave ( A ) of (( C )) should be ending between 1.0772 – 1.0792 before we get a bounce in wave ( B ) and lower again.  Buying into proposed wave ( B ) bounce is not a good idea unless pair shows 5 waves / swings in 1st leg of wave ( B )

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