EUR/CAD Will NFP Ignite Wave 3?EUR/CAD has carved out a clear 5-wave impulsive structure with a completed Wave 1 and Wave 3. Wave 2 was a sharp correction, while Wave 4 has been more sideways—just as the Elliott Wave guideline of alternation would suggest.
Now, Wave 4 found support right at the 38.2% retracement of Wave 3 (a common termination zone), and the next impulsive leg may already be in motion.
Why do I say that?
Because price has carved out a textbook leading diagonal for what may be the first wave of Wave 5, followed by a complex W–X–Y correction. And if that wasn’t enough—the Y wave looks to have formed a triangle.
Breakouts from triangles are rarely small moves.
