EUR/CAD bullish Outside Candles highlight a change in sentiment
The cross completed a bullish Elliott Wave count at the swing high of 1.5113. We are now assessed as being in the corrective A leg, of the ABC correction. It is common for this leg to trade within five waves. We can clearly see this formation on the 8-hour chart.
We posted a bullish Outside Day on Thursday the 8th of June. This candle is often seen at the end of a trend and the start of a new upward bias. As long as the candle base at 1.4283 is not breached, the bias remains bullish.
Breaking down into short timeframes, the move lower has been mixed and volatile common in corrective formations. With a mild gap open left from Sunday night at 1.4330, there is scope for further intraday losses.
It should be noted that we will also make a slightly disjointed bullish Bat formation between 1.4300 and 1.4292.
We posted a bullish Outside Day on Thursday the 8th of June. This candle is often seen at the end of a trend and the start of a new upward bias. As long as the candle base at 1.4283 is not breached, the bias remains bullish.
Breaking down into short timeframes, the move lower has been mixed and volatile common in corrective formations. With a mild gap open left from Sunday night at 1.4330, there is scope for further intraday losses.
It should be noted that we will also make a slightly disjointed bullish Bat formation between 1.4300 and 1.4292.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.