FORECASTING FINANCIAL MARKETS USING ELLIOTT WAVES THEORY AND GENERAL TECHNICAL ANALYSIS.
Tuesday, March 4, 2014
Eurcad bearish formed
This pair looks good to my eyes with beautiful swinging patterns forming, which started on August 2012 (Zoom back your platform to view). A fall could be imminent ( at least at the short term).
The wave that formed from early January this year formed a bearish reversal candles pattern at (1.5315-1.5320) , and tested 1.4970-80 briefly before resuming the swing upward to retest (1.5315-20) level.
The formation of a pin bar reversal candle at this level could force this pair to form a double top and drag it back to (1.4970-80) level and if broken could see it going down to 1.4426
On the other side, if the afformentioned pin bar is broken upside with a high momentum, we could see a bullish wave resumption to 1.6 levels.At the moment, I see this pair retesting 1.528s before moving toward 1.497s with stop loss a little pips above the pin bar.
No comments:
Post a Comment