Elliott wave analysis of EUR/CAD - Short term

EUR/CAD - I was asked to look at this cross today. I would normally analyse the long term chart and work my way down to the 4 hourly or hourly chart, but as I'm very busy these days. I will only have time to give you a quick update of the short term picture.

The base channel has defined the rally from the 1.2129 perfectly till now. The failure to break above the base channel resistance-line does leave us with two options.

1: The rally from 1.2129 is an A-B-C correction, however wave C is longer than wave A, which is of cause okay, but it could indicate, that a more bullish count could be in the works

2: The rally from 1.2129 is the start of an impulsive rally. For this count to stay valid we can not break below 1.2499 at any time. However a clear break above the base channel resistance-line will add confidence in the more bullish count for a continuation higher towards resistance at 1.3445