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EURCAD at the Edge of the Abyss?

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    In our previous analysis of EURCAD, we suggested the pair has to complete a three-wave corrective recovery, before the time for another large leg to the south arrives. It took a while, but now we could see what type of correction EURCAD has chosen. It is given on the chart below. We could easily count a five-wave impulsive decline from 1.6105 to 1.5245. The rest of the price action appears to be an A-B-C expanding flat correction. According to the Elliott Wave Principle, the 5-3 wave cycle

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