Hi Traders,
EURCAD decline from 1.48216 high unfolded as a five-wave impulse sequence. According to the Elliott Wave principle, a three-wave correction in the opposite direction follows every impulse move and that's what seems to be unfolding currently.
This correction has the potential to retrace 50-78.6% of the impulse, and also retest the corrective parallel channel. However, once the correction is completed the price should resume in the direction of the impulse to complete a 5-3-5 cycle.
What's your view on EURCAD? Let me know in the comment.
EURCAD decline from 1.48216 high unfolded as a five-wave impulse sequence. According to the Elliott Wave principle, a three-wave correction in the opposite direction follows every impulse move and that's what seems to be unfolding currently.
This correction has the potential to retrace 50-78.6% of the impulse, and also retest the corrective parallel channel. However, once the correction is completed the price should resume in the direction of the impulse to complete a 5-3-5 cycle.
What's your view on EURCAD? Let me know in the comment.