Wide-range bars, the down fork, the weak Aussie - all speak for the downward scenario.
There's still potential to go down. To the support level around 0.928.
Target at the sliding parallel, which coincides in price and time with the 100% alternate price projection.
I find the down trend the most current trend, so I stay short as long as we're below the red median line. The price action may extend much lower to the purple parallelogram - as above, so below. However, the blue up fork starts to describe the price action pretty nicely. Which scenario do you subscribe to?
If I read it well, the down trend should continue for some time. First price failed to reach the upper median line parallel, which has spawned the down move that - based on dr. Andrews' studies - often makes the same extent from the lower parallel to the down side as it did to the up side. Yet the trend will probably slow down in the process, as it will keep...
Today's 200+pip move may be deterrent for any long positions, though. Such a vertical decline is not quite a frequent occurrence. EURCAD has suffered in the wake of the sell-off that's happened today in EURUSD. In case you wondered how deep the potential correction might be, the blue boxes show the size of prior ranges that were observed at the recent tops (not...
If the middle red line holds (of the red Shiff fork), we may see another log down, otherwise it will probably go up to the blue median line. I chose the former, not without some wavering, based on the long-term CAD's weakness.
The recent sell-off has caught me by surprise, so I believe at least a small retracement is due here. The euro is not that weak, it's the US Dollar strengthening lately (more than I expected). The pair seems to me unable to lift itself above the structure of sliding parallels though. I'll be watching it.
I expect the prior large price range to double to the upside. The trend is very strong, price broke out of the fork and should continue upward for a while.
The speeding down trend will probably not be able to stop until the price hits the lower median line parallel.
Looking to enter long at some good opportunity. I expect the upper median line parallel to be hit .
A retracement back up to the median line may present another good opportunity to go short. It probably won't stop falling until it gets to the support at prior highs.
A possible return to balance as expressed by the previous resistance just above 0.85275. If lucky, may even go higher to APP-0.382. EUR has been very strong today, so the recent decline seems to be more than enough for a breather...
Any way it will go, it feels like it's on its way to the median line. It's been a long way down for this pair, so this would be quite a natural move.
I've been following this fork for some time and I just can't believe how perfectly it describes current price action. Exactly the same overshoot as the undershoot, nice touches at the parallels, etc. At the moment we may be short but long-term it's in an up trend.
Multipivot line may attract the price as it coincides with I-APP-0.382.
Each time the same-size sloped price range. It's actually range trading, with ranges shifting downward (in Jul and Aug) and recently - upward.
Probably more to come by to the downside than to the upside. Recent recovery has been very choppy - overlapping bars, clearly a sign of little bull power. The euro hasn't been the greatest weakling of fx lately, but kiwi's been the currency with sharp claws that help climb high. If wrong, exit above the high of Oct 2nd, if right, exit at the lower red sliding parallel.