EURCAD Buy Setup

EURCAD on the daily time frame has broken through the upper range and Stoch has just made the bullish crossover. When looking at the 4 hour time frame you see that on that time frame the Stoch is already showing a lot of buying pressure. ADX is still to make this crossover, but that one is always a bit slow, need about 3-4 green candles to make the green line go up.

When using the Elliot Wave Patterns there are 2 scenarios right now:

• Scenario 1: Currently we are at the start of the 5th wave
  
• Scenario 2: Currently we are at the start of an A B C
  corrective wave
  

Still both support a buy, the question is how far it will go.

Either use the 1st support as a take profit 1.4869. or use this price to move up your stop loss up to 1.4820 and try to enjoy the possible 5th wave all the way to 1.50+

Stop loss 1.4720

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Looks like EurCad will go down. If you click the play button and the new bars appear you see that its probably a correction wave instead of a 5th wave.

Will probably add shorts on the spikes. Let them be just as profitable as the 130 pips on that we have made on the buy.