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AUDCAD Elliott wave weekly trend analysis: Covering short position @ 9708

AUDCAD Elliott Wave Weekly Trend Analysis: Covering Short Position @ 9708

Talking Point:

Technical Strategy: Confirming it's bearish outlook

Elliottwave View: Reversal confirmed and Counting Impulsive waves 

Analysis

We are tracking AUDCAD (australian dollar to canadian dollar) since last month. It was trading sideways from Aug-2013. We were seen May-2015 a declined again but unable to takeout Aug-2013 low in impulse manner. We were experienced a bounce from 9170 area in May-2015. However, upside was corrective and can be counted as flat Correction in Elliott-wave and possibly correction is over on 1.04 zone. With that in mind, we were expecting trend reversal should be taking place and can be seen Impulsive declined from 1.04 and possibly we had it's first leg down from 1.04 to 0.9864 and now reversal confirmed from 1.0100 level. Currently we are counting impulsive bearish wave. We were expecting it's minor first leg and were expected small correction towards 1.00 which we indeed received. This provided our members who joined late in this tra



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AUDCAD Elliott wave weekly trend analysis: Covering short position @ 9708

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