USDCAD Short-Term Elliott Wave Analysis

By: Elliottwave-Forecast | Tue, Jan 12, 2016
Print Email

Short term Elliott Wave cycle suggests bounce to 5117.3 ended wave (X). First leg of decline from this level unfolded in a zigzag and ended wave W at 4847. Wave X bounce is proposed complete at 4926 and the Index has resumed lower again. Decline from 4926.2 unfolded in 5 waves and ended wave (a) at 4804.7. Wave (b) bounce is currently in progress towards 4865 - 4879 area before the Index resumes lower again, provided that wave X pivot at 4926 stays intact.

As an alternate view, the decline from Wave (X) at 5117.3 to the last low at 4804.7 can be in 5 waves and ended wave A. If this is the case, then Index can now bounce in wave B to correct the entire decline from 5117.3 before resuming lower again. In other words, we expect more downside in the Index against 4926.2 in the first degree. If this pivot fails, then we expect more downside in the Index against 5117.3 in the second degree.

USDCAD Short-Term Elliott Wave Analysis Chart
Larger Image

 


If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.

 


 

Elliottwave-Forecast

Author: Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 41 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Copyright © 2015-2017 Elliottwave-Forecast.com

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com