In this technical blog, we are going to take a look at the past performance of EURCAD 1-Hour Elliott wave Charts that we presented to our members. In which, the decline from the 1/25/2024 peak took place as an impulsive structure and showed a lower sequence with a bearish sequence stamp with the right side tag pointing lower calling for more downside to happen. Therefore, our members knew that selling the intraday bounces in the direction of the right side tag remained the preferred path. We will explain the Elliott wave structure & selling opportunity our members took below:
EURCAD 1-Hour Elliott Wave Chart From 1.31.2024
EURCAD 1-Hour Elliott Wave Chart from 1/31/2024 London update. In which the decline to 1.4490 low ended wave ((i)) as an impulse sequence. Up from there, the pair made a bounce in wave ((ii)). The internals of that bounce unfolded as a zigzag structure where lesser degree wave (a) ended at 1.4569 high. Wave (b) pullback ended at 1.4490 low and wave (c) managed to reach the blue box area towards 1.4570- 1.4619 area. From there, sellers were expected to appear looking for further downside or a minimum 3-wave reaction lower.
EURCAD Latest 1-Hour Elliott Wave Chart From 2.04.2024
This is the latest 1-Hour view from the 2/04/2024 Weekend update. In which the pair is showing a reaction lower taking place from the blue box area allowing shorts to get into a risk-free position shortly after taking the position. But a break below the 1.4490 low remains to be seen to confirm the next extension lower towards the 1.4231- 1.4112 area & avoid double correction higher.
Source: https://elliottwave-forecast.com/forex/eurcad-selling-perfectly-blue-box-area/