GBP/CAD Elliott Wave Analysis 📉

Hello traders! Today, I'm sharing my analysis on GBP/CAD, looking at a potential sell opportunity. We've recently seen the completion of a bullish sequence labeled (5), and now it appears we're entering a corrective phase.

The market is currently retracing, and I've identified key Fibonacci levels that could potentially serve as targets for a short position:

- The 0.867 retracement at 1.72123, where a minor reaction might occur.
- Further targets are set at the 1.0 Fibonacci level at 1.70913 and the 1.618 extension at 1.70165.

These levels are critical as they align with the anticipated corrections in our Elliott Wave structure. I suggest monitoring these retracement levels for potential entries. As always, ensure proper risk management by setting stop losses above recent highs and adjusting as the market provides more information.

Happy trading! 🚀

Trade active:

The trade is going in the right direction, we are in.