Elliot Wave: NZDCAD Bearish Continuation Setup

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This is an update on the previous Daily setup shared a few weeks ago.
NZDCAD reversed and broke the S&R zone and ascending trendline impulsively in wave i.
According to Elliot Wave theory, impulse move is always followed by a three-wave correction. In NZDCAD's case, the short-term rally is currently taking the shape of a-b-c zigzag pattern in wave ii.
Price is contained within a parallel channel and also retesting a significant supply zone. While the retracement can entends to a complex corrective structure, we can take a short entry from the current market level as long as the protective stop is placed at the major invalidation level which is the red line on the chart.

• * Price has the potential to move downwards towards wave (a) low in wave iii of (c).
  * The break of the green lines can be used as a conservative entry.
  * The major invalidation level is the red line on the chart.

What's your view on NZDCAD? Let me know in the comment.
Thanks for reading!
Veejahbee.