EUR/CAD: Wave 5 Trade SetupEUR/CADOANDA:EURCADTheSignalServiceEUR/CAD is presenting a compelling long setup as what appears to be a five-wave impulse from the June lows looks ready for its final leg higher. The structure shows a classic wave 4 correction that has found support right where Elliott Wave theory suggests it should—setting up a potential wave 5 that could deliver solid risk-to-reward for patient traders. What the Current Structure Shows (Primary Scenario) Clean Five-Wave Impulse in Progress: The move up from the June 2025 lows has unfolded in a textbook impulsive pattern, with waves 1, 2, and 3 clearly defined and wave 4 appearing to have completed its correction. Wave 4 Finds Support: The correction has retraced to a level that respects the typical boundaries for a fourth wave—not too deep to overlap with wave 1, but enough to provide a healthy pullback before the final push. Wave 5 Setup: With wave 4 likely complete, the structure points to wave 5 beginning, targeting the equality relationship with wave 1 at 1.6170. Why the Count Is Labeled This Way The initial surge from the lows shows strong, impulsive characteristics with clear five-wave subdivisions. Wave 3 extended beyond the typical 1.618 relationship with wave 1, which is common in strong trends. The current level, at around 1.5927, represents a logical support zone where wave 4 should find its footing. Trade Setup: Riding the Final Wave Entry: Current levels, with wave 4 appearing to have bottomed. Stop Loss: Below 1.5952—if price breaks this level, the wave count is invalidated and suggests wave 4 may be more complex or the entire structure needs reassessment. Target: 1.6170, where wave 5 achieves equality with wave 1. This is a classic Elliott Wave projection when wave 3 has been the extended wave in the sequence. What to Watch Next (Confirmation or Invalidation) Confirmation: A break of the B wave termination point at 160.50 would be confirmation that wave 5 may have started. Invalidation: A break below 1.5928 would suggest wave 4 is not complete and may be forming a more complex correction. After Wave 5: Once the target is reached, expect a significant correction as the entire five-wave sequence from the June lows completes. Alternate Count If the current support fails, wave 4 could extend into a more complex correction—possibly a triangle or double zigzag—before wave 5 begins. This would delay but not necessarily invalidate the bullish scenario.