EUR-CAD Retracement Would Be Opportunity To Long Positions

By: Gregor_Horvat

Last week EURCAD has been published after very strong EUR against the USD and weak CAD against the same currency. In fact, EURCAD has much better and cleaner structure and EURUSD, so keep an eye on that pair may not be a bad idea. We however need some deeper retracement before we may look for any long entry. I will keep an eye on three wave retracement which is normally a, b, c, back to base channel line. If we get it then we will look for an opportunity to take long positions on EURCAD.

EURCAD 4h

Elliott Wave Education: Flat Pattern:

A Flat is a three-wave pattern. Flat pattern is labeled A-B-C that generally moves sideways. And Flat Pattern is corrective in nature which is counter-trend to the main trend.  Flat Pattern is a very common Elliott Wave Pattern. Mainly there are there type of flat pattern; regular flat, expanded flat, and running flat.

Expanded Flat Elliott Wave Pattern.

• Expnaded Flat has  3-3-5 internal structure of sub-waves.

• In Expanded Flat wave B moves beyond the start of wave A.

• Wave C ends more substantially beyond the ending level of wave A in Expanded Flat

• Expanded Flat appears in wave two or four in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or wave Y in a triple threes

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Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.

He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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