![]() We always think that as this is a theory, it must be a very difficult phenomenon to understand without proper knowledge. The word “theory” always brings into mind certain concerns about difficulties and sophistication. One such popular tool is the Elliott Waves Theory that has the potential to significantly improve your trading. That is the reason that traders always look for modern analysis tools that increase the odds of their success in forex trading. They consider technical analysis tools aa great instruments to trade forex better. Most of those day-traders trade by applying technical analysis tools. Most of the traders nowadays are day-traders. This freedom factor is the main reason that forex trading has become more popular in recent years. Near term, as far as pivot at 1.2947 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.7 Additional resources to expand your learning on Elliott Wave Analysisįorex trading is a great vocation because it gives traders a lot of freedom in their lives. Potential area to end wave 4 is at 38.2 – 50% retracement of wave 3 at 1.339 – 1.3495. Expect rally in wave ((b)) to fail for another leg lower in wave ((c)) to end wave 4. Pullback should take the form of 3 waves zigzag where wave ((a)) ended at 1.3601. Pullback in wave 4 is now in progress to correct cycle from low. This is the typical extension for wave 3. When measured from low relative to low, the rally to 1.3833 is around the 161.8% Fibonacci extension. Final leg higher wave ((v)) ended at 1.3833 which completed wave 3. ![]() Pair then resumes higher in wave ((iii)) towards 1.3808 and dip in wave ((iv)) ended at 1.3636. ![]() Up from wave 2, wave ((i)) ended at 1.3344 and pullback in wave ((ii)) ended at 1.3224. ![]() Pair has resumed higher in wave 3 with internal subdivision in another 5 waves of lesser degree. Up from low, wave 1 ended at 1.3208 and pullback in wave 2 ended at 1.2954. ![]() Short term Elliott Wave view on USDCAD suggests cycle from low is in progress as a 5 waves impulse structure. ![]()
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