Monday, October 10, 2016

Elliott wave analysis of EUR/CAD - New impulsive decline towards at 1.3000 about to develop


EUR/CAD - New impulsive decline towards at 1.3000 about to develop 

After a nice corrective rally in wave 2 back to the 38.2% corrective target at 1.4917 the next impulsive decline in wave 3 is now developing.

A break below support at 1.4600 will be the first strong indication that wave 3 lower is developing, while a break below the minor support-line near 1.4435 will confirm the next impulsive decline towards at least 1.3000. As third waves often extends, we should expect an extension here too, which will call for a decline closer to 1.1820 before wave 3 likely is complete.

So look for a break below short term important support at 1.4600 as the trigger for downside acceleration.

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