EURCAD developed a bullish momentum during the last weeks… It seems that this price action was developing bullish wave B pattern I think that the pair is now waiting bearish wave C confirmation. What is more? Read on as this Gain insight into this 19 July EURCAD Elliott Wave Analysis explains.
19 July, GKFX – We will review different scenarios as the pair can either bounce for bearish momentum of wave C or expand the bullish momentum of wave B This article will discuss the wave perceptive and expected scenarios for the pair during the coming days using wave pattern, support, and resistance and SWAT software.
19 July EURCAD Elliott Wave Analysis
The below chart shows that the pair developed a bullish momentum… In my view, the pair is in wave B now and we are still looking for the confirmation of bearish wave C. And here are the main conclusions:
- Wave C is usually composed of 5 waves.
- I think that the pair will start wave 3 of wave C.
- Wave 3 final target is usually at 161.8% Fibonacci expansion.
For the moment I expect the bearish momentum of wave C to take place.
EURCAD SWAT CHART
Now it’s time to use the SWAT 4-hour chart to determine the entry points according to the expected wave patterns… SWAT Chart shows a start of bearish momentum … Here are the main developments to consider:
- A strong bearish candle breaking the up trend and the 21EMA ,144 EMA
- Our target Wizz 5 .
- I advise traders always to protect their profit or use trailing stops.
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