EURCAD Short-Term Elliott Wave Analysis
Best reading of the cycle in the short term suggests decline to 1.454 ended wave ((w)). Wave ((x)) bounce is unfolding as a double three structure where wave (w) ended at 1.476, wave (x) ended at 1.461, and wave (y) of ((x)) is proposed complete at 1.49. While below 1.49, or more importantly as far as pivot at 1.516 stays intact, the pair is expected to resume the decline lower. A break above 1.49 from current level suggests a triple three structure from 1.454 and opens extension higher towards 1.495 - 1.5 area before the pair turns lower either in 3 waves pullback or new low.
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