EUR/CAD finally reaching key Correction level
Ok, so this chart looks like quite the mess but hear me out. EUR/CAD had been following a clean WXY correction and it looks like it's about to reach the (A) Correction on the Y wave.
So there are 4 good reasons why the price is going to reach my (A) correction.
1. If you take a look at the red trend line, price has crossed over and it is going to use that red trend line as support and bounce off of it.
2. That blue price zone is a solid support level shown by previous price rejections.
3. Using the Fibs Extension tool from (W) to (X) gives you the .618 retracement. It is common for the (A) Correction on the (Y) Wave to retrace to that zone.
4. Taking those 3 reason, they all converge to the same price and time point giving you an excellent entry to go long.
The only resistance that could make this all go to shit is the white trend line which it looks like the price is already being rejected off of. You can see this all play out if price break below that white trend line.
Make sure to Follow me on YouTube and Instagram for more Forex analysis and overall knowledge.
youtube.com/watch?v=nkyEHkhH3QY
instagram.com/crisbarr96/
So there are 4 good reasons why the price is going to reach my (A) correction.
1. If you take a look at the red trend line, price has crossed over and it is going to use that red trend line as support and bounce off of it.
2. That blue price zone is a solid support level shown by previous price rejections.
3. Using the Fibs Extension tool from (W) to (X) gives you the .618 retracement. It is common for the (A) Correction on the (Y) Wave to retrace to that zone.
4. Taking those 3 reason, they all converge to the same price and time point giving you an excellent entry to go long.
The only resistance that could make this all go to shit is the white trend line which it looks like the price is already being rejected off of. You can see this all play out if price break below that white trend line.
Make sure to Follow me on YouTube and Instagram for more Forex analysis and overall knowledge.
youtube.com/watch?v=nkyEHkhH3QY
instagram.com/crisbarr96/
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