Short Term Elliott Wave View on CADJPY suggests rally to 91.7 has ended wave (2). The pair fell in wave (3) with an internal subdivision in the form of a 5-wave Elliott Wave structure. Down from wave (2), wave (i) ended at 90.97 and wave (ii) rally ended at 91.485. The pair resumes lower in wave (iii) towards 90.25 and the rally in wave (iv) ended at 90.86. The final wave (v) lower ended at 90. This wave ended ((i)) at a higher degree. The pair then corrected in the wave ((ii)) which ended at 91.40.

The internal subdivision of wave ((ii)) unfolded as a zigzag Elliottwave pattern. Up from wave ((i)), wave (a) ended at 90.91, wave (b) pullback ended at 90.37 and wave (c) at the rise ended at 91.40. This completed wave ((ii)) in higher and even degree became lower in wave ((iii)). Down from wave ((ii)), wave i ended at 90.86, wave ii ended at 91.13, wave iii ended at 90.419, wave iv ended at 90.86 and wave v ended at 90.32. This wave completed (i) of ((iii)) to a higher degree. In the short term, expect the rally of wave (ii) to correct the decline of the peak of wave ((ii)) before the next lower leg. As long as the pivot at the 91.7 high remains intact, the rally should fail in 3, 7 or 11 swings for further decline.

CADJPY 60 Minute Elliott Wave Chart

About The Author

Related Posts