EURCAD - Small buy opportunity before selling hard!

The fact price came below last low means we might be in a Flat correction. In this case, price usually turns around the 138.2 Retracement level, where we see support from previous price action.
If price moves below the 161.8% Retracement, we will have to adjust our view.

Short term, look to buy around the support zone.
Targets : 1.5260 to 1.5360
Stop : 1.5053 once you enter then move it to the low that gets formed if price goes up.

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Price is now on support, let's see if it will hold.
When we see an impulsive wave, we often see divergence between wave 3 and 5. This is not the case here. We might still be in wave 3 therefore. If you want to buy right now, start with 1/4 of your standard lot size. Then buy again at 1.5148 for 1/4. Then scale in again at 1.5245

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Alternate count :

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We can see bullish divergence on the alt count on 4H time-frame.
This suggests the impulsive wave is coming to and end.

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Price turned at support zone.
I went long at the 1.27 Retracement.
Stop below support at 5080.

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Positions closed at break-even.
I would have liked to see the price go above 5182 & 5240 ideally.
Because price came down to 1.509x, I will consider the possibility of an ABC correction (where we should see price fall some more next).
I will stay out of this for the moment until I see a more clearer setup.

Comentário:

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Comentário:

Price broke support, but we are at the 138.2% Retracement level. If the Alt ABC count is correct we should see price go higher from here, and not go below the 161.8% level. If it does go below it, we will consider an extended wave 5 is in play and should see price go down to 1.4950. In any case, this is not a pair I'm willing to trade but I keep it on my watchlist.

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If price goes below 1.5050 then wave C might be in and we can look to short right away

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