EUR/CAD Two-year Bullish Sequence extends from the blue box

EURCAD has maintained a bullish sequence from the low in August 2022. From that low, the bullish sequence could either complete a 3-wave or a 5-wave structure. Based on the path of least resistance, the price should complete at least a 3-swing sequence. On the weekly chart, we identified the first swing from the August 2022 low to the April 2023 high as wave ((A)). Afterward, a pullback occurred and completed in September 2023, as wave ((B)).

Since September 2023 low, the pair has started the third swing, which we identify as wave ((C)). Wave ((C)) could extend as high as 1.58, which is 805 pips above the current price of 1.4995. With this in mind, we plan to buy pullbacks in 3, 7, or 11 swings along the path of wave ((C)). However, before last week’s rally, we had already shared a trade setup with our members.

EUR/CAD H4 analysis, 08.29.2024

EURCAD H4

After the price broke above the top of wave ((A)) on both the weekly and daily charts, we informed our members in live analyses and trading rooms that the stage was set to buy the next pullback. The pullback matured about a month later. On August 29, 2024, we shared the H4 chart with members, expecting to go LONG from the blue box. The price reached the blue box, and the LONG trade was triggered with the parameters we provided in the trading journal. Our stop loss was set below the blue box. Additionally, as usual, we planned to take partial profit at 50% of wave (c) of ((iv)).

EUR/CAD H4 analysis, 09.11.2024

EURCAD H4

The chart above shows how EURCAD bounced from the blue box and reached 50% of wave (c). As a result, members who went LONG have already closed half of their position in profit, with the remaining half adjusted to the low of wave (c). This is now a risk-free trade, allowing traders to allocate risk elsewhere. Moving forward, we expect the bullish sequence to extend as an impulse wave ((v)) above the August 5 high. Therefore, as long as the bullish sequence remains intact, we are looking to buy from the dips.

Share: Analysis feed

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.