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

By: Gregor Horvat | Mon, Oct 28, 2013
Print Email

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 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


Written by | Try's Services Free For 7 Days at * No Credit Card Required.



Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of, but before that he was working for Capital Forex Group and His feature articles have been published on:,,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on for Best Forex Analysis in 2016. At 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.

EW-Forecast: To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright ©