EURCAD Elliott Wave Analysis: Retracement Would Be Opportunity To Long Positions

By: Gregor Horvat | Mon, Oct 28, 2013
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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

EURCAD 4-Hour Chart


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.

Idealized Expanded Flat Elliott Wave Pattern

• Expanded 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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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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