NZDCAD : Signals to go SHORT !

4 gen 2017

NZDCAD seems to be inside of the Motive Wave 5 of the applied Elliott Wave Theory in this chart. It confirms both previous three Motive and Corrective Waves along with its confirmation by Fibonacci Retracements applied respectively and if the price moves up and breaches the end or the high of the Corrective Wave 4 around 0.94250 and continues a bullish trend, the applied Elliott Wave Theory will be false. The Corrective Wave 4 shows a clear retracement close to Fib level 0.5 of the Motive Wave 3 and is now in a bearish trend confirmed by the MA 20 & 50 Crossover. It's most likely to continue the bearish trend until Fib Level 1.272 and it's good to open short positions around 0.93100 setting a stop loss around 0.94250 or near the end of the Corrective Wave 4 and exit positions around 0.91500 when the Motive Wave 5 comes near to an end.