EURCAD Elliott Wave Analysis: Retracement Would Be Opportunity To Long Positions
Last week EURCAD has been published after very strong EUR against the USD and weak CAD against the same currency. In fact, EURCAD has much better and cleaner structure and EURUSD, so keep an eye on that pair may not be a bad idea. We however need some deeper retracement before we may look for any long entry. I will keep an eye on three wave retracement which is normally a, b, c, back to base channel line. If we get it then we will look for an opportunity to take long positions on EURCAD.
Elliott Wave Education: Flat Pattern:
A Flat is a three-wave pattern. Flat pattern is labeled A-B-C that generally moves sideways. And Flat Pattern is corrective in nature which is counter-trend to the main trend. Flat Pattern is a very common Elliott Wave Pattern. Mainly there are there type of flat pattern; regular flat, expanded flat, and running flat.
Expanded Flat Elliott Wave Pattern.
• Expanded Flat has 3-3-5 internal structure of sub-waves.
• In Expanded Flat wave B moves beyond the start of wave A.
• Wave C ends more substantially beyond the ending level of wave A in Expanded Flat
• Expanded Flat appears in wave two or four in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or wave Y in a triple threes