CADCHF: Bullish Setup After WXY Completion

Apr 15

CADCHF has likely finished its correction phase (called a W-X-Y in Elliott Wave), which basically means the market has already gone through a messy sideways/down move and may now be ready to trend. Price recently dipped below support (a fake breakdown) and quickly reacted, suggesting sellers are losing control.

Right now, the market is trying to form the first move up (Wave 1), but it’s not confirmed yet. For real strength, currency needs to break and hold above the marked resistance level. Breakout above wave B will confirm the bullish cycle.

Bullish targets are 0.5148 - 0.5751+. We can extend the targets after the breakout of wave X.

We will update with further information soon.
By BrightRally_Research

Apr 27

Trade closed: target reached

ALL TP DONE!!!!!