CADCHF - Catch This Big Wave ⚡️

CADCHF is currently showing us the perfect correction. In Elliot wave theory, this correction is called a Flat correction made up of 3-3-5.
3 waves - WXY (Wave A)
3 Waves - WXY (Wave B)
5 Waves - 12345 (Wave C - we are currently in the bigger Wave C)

Following on from our last CADCHF post, we have seen the wave 1 and now retracing for wave 2. Wave 3 is typically the biggest move so it would be best to trade that wave.

Trade Idea:
- Watch for bearish price action at the 61.8 fibonacci level and take CADCHF down.
- Stoploss above the rejected price
- For take profit, once price moves down, use a descending trendline to manage your trade and exit when price breaks that.

Goodluck and trade safe!