USD/CAD has a Elliot wave on 4h hour chart, Here is the Proof!!!Hello ladies and gentlemen, i hope you all having a nice weekend.
Today we have a post with educational idea of elliot waves. Let's observe together, i hope you will like it.
Rules of Elliot waves:
1- Second wave's low is higher than first wave's low.
2- If second wave makes a sharp correction, 4th wave will make a flat correction or vice a versa.
3-If 3rd wave is the longest wave, the time length of the first wave must be equal to the time length of the fourth.
4-After the 5th wave, A-B-C correction comes and this correction will take us to C level which is very close to low of 4th wave.
We are in A-B-C correction now but main problem is i couldn't define B point perfectly because market is closed right now and not sure if we were passed B point or not thats why i need to see more reaction of usd/cad to define perfect B point.
Okay what will be our setup for this trade?
-For a safe trade, you can wait till price breaks inclined support. Then aim 1.29610 as a target.
-For a more risky trade, you can jump in from these price levels and aim for 1.29310 as a target which is very close to low of 4th wave.
If you are going to decide on second trade setup, i recommend you to use less leverage for a calm trading journey.
(For example 25 or 10 times of leverage)
Stop loss for both trade setups: 1.30900
I hope you enjoyed with my analysis, i wanted to show elliot waves' rules in action.
Please support my account by sharing and liking for more educational ideas.
Thanks and have a nice weekend.
Berk.
