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.

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