CADCHF, 4hr tf, buy elliott wave 5th wave

Hello my friends,

Another setup for today is CADCHF pairs.

As you can see price currently moving to the upside and retracing lower a little bit.
We could try assuming this movement as an Elliott Wave movement and price just finished wave-3.
This downward movement is wave-4.

To have the best trade setup it is better to buy around 0.6950-6948 which will yield 3.5R - 4R trade setup depending on the price you get this pair.
Protective stop loss will be slightly below wave-1 area.

I am setting buy limit for this because it might hit our order while i was away and that 0.6948 might only appear for a short time so we don't want to miss it.
The reason why i think it will only appear for a short time because there is a horizontal support level at 0.6950-6948.

Buy limit CADCHF 0.6948
Stop loss 0.6935
Take profit 0.7000 (4R)

RR Ratio 1 : 4
Use only 1-2% risk
Good luck