EURCAD has been moving lower since August 24/2015 and we are viewing it at the moment as an Elliott Wave W-X-Y structure (double correction). Two other bearish patterns are also signalling for more downside for this pair. Wave ((w)) seems to be in place and we can now see a possible bounce to the 1.4850 – 1.4920 area where we can expect a possible reversal to the downside. If it reverses, expect the next swing lower to head towards our equal legs (red wave Y) target at the 1.4300 area. The 1.4850 – 1.4920 area is also where the light blue bearish pattern triggers for the SELL. Both the light blue bearish pattern and Elliott Wave count are invalidated if price gets above 1.5156.
Wait for price to enter the reversal area to get a better risk/reward trade setup.
*Please use proper risk/money management according to your account size*
EURCAD 4 hour chart October 8/2015
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