Wednesday, May 7, 2014
EUR/CAD - New impulsive decline developing.
Since the 1.5586 top in mid-March we have seen a nice impulsive (in five waves) decline from 1.5586 to 1.4997, this decline was followed by a double zig-zag correction, that has corrected 50% of the impulsive decline at 1.5292 (the high has been 1.5306) and the decline from 1.5306 does again appear to be impulsive indicating that a strong decline through support at 1.5080 should be expected soon. The next downside target for red wave iii will come in at 1.4353, but it could easily extend lower towards 1.3772. The long term target will be near strong long term support at 1.2127.
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