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EURCAD has completed corrective wave 4, and if the price breaks the parallel channel C, it may make a new low, which should be impulsive sub-wave 5 of wave (5).

If price breaks down channel C, the following targets for Wave 5 will be 1.4313 – 1.42520 – 1.41652- 1.41156.

After making wave (5), if the price breaks the B channel, it can go for 1.4645 and start a new 5-wave impulse structure.

Please note that the Breakout of wave (4) indicates a strong bull trend.

If the price breaks the channel without a downward, it indicates truncated 5th.
I will upload an intraday chart for further information soon.

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Daily Chart
Price Action perspective:

After the accomplishment of the lower-low, nifty surged and reached near the previous lower-high point at 17639.

As mentioned in down theory, An upward trend is a series of successively higher highs and higher lows.
Price is weak below 17639, which is a previous lower high.
If nifty creates a swing failure, supply will exceed the demand.

Daily Chart:
Elliott Wave Perspective:

Nifty has completed the corrective wave A of triple zigzag (Z)
If the price gives a consecutive close above (X), it suggests that corrective structure has occurred and an impulsive wave started.

However, the price has given three moves after wave A.
Sub-wave a traveled 100% of wave B.
The price is weak below 17639 and strong above 17650.

In my previous idea, I have mentioned the price can be out of the channel. Sellers can enter after a rejection of the candle on a higher timeframe.
Safe traders can enter when the price enters into the downtrend channel.

Today’s close will initiate positional views.