*Bullish patterns have been invalidated*
CADCHF has been moving higher since January 20/2016. It has been making higher highs and higher lows showing that it is trending to the upside. It is also showing an Elliott Wave WXY (Double correction) where we still need to see the 7th swing higher to complete Wave Y. In the charts below we will show other possible Bullish patterns together with an Elliott Wave count indicating that another swing higher for CADCHF is highly probable.
WXY Double Correction Pattern
May 3/2016 WXY CADCHF 4H Chart : Waiting for Wave ((x)) or the 6th swing to terminate and resume the next move higher.
CADCHF Possible Bullish Pattern : Bullish pattern (Red) BUY signal has already been triggered at the BC 0.50% Fib. retracement (0.7487) which can push price higher.
CADCHF Possible Bullish Pattern : If price makes a bounce at the XA 0.618% (0.7428) Fib. retracement then makes another low expect buyers to be at the XA 0.786% Fib. retracement (0.7345) area.
As long as CADCHF stays above Wave X low (0.7239) we expect another swing higher towards the 0.8030 equal legs area.
If looking to buy CADCHF stops should be placed at 0.7239 and should be bought below 0.7487 minimum for a better risk/reward trade. 1st Target 0.7840 2nd Target 0.8030.
*** Always use proper risk/money management according to your account size ***
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