EURCAD has completed corrective wave 4, and if the price breaks the parallel channel C, it may make a new low, which should be impulsive sub-wave 5 of wave (5).
If price breaks down channel C, the following targets for Wave 5 will be 1.4313 - 1.42520 - 1.41652- 1.41156.
After making wave (5), if the price breaks the B channel, it can go for 1.4645 and start a new 5-wave impulse structure.
Please note that the Breakout of wave (4) indicates a strong bull trend.
If the price breaks the channel without a downward, it indicates truncated 5th. I will upload intraday chart for further information soon.
Madam I think 4th Corrective wave not complete there according internal structure of wave abcde, abcd is complete and wave e is pending it may be complete upper end of leading diagonal channel you draw in chart than anticipate 5th wave.
forextidings
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@meenaanita613, This scenario is true but we can expect downward move after channel breakout.