CAD/JPY Elliott Wave View: Calling Strength Higher
Elliott Wave Forecast | May 10, 2018 01:29AM ET
CAD/JPY Short Term Elliott Wave view suggests that the decline from 4/13 peak at 85.76 to 83.87 low ended Intermediate wave (2) as a Zigzag Elliott wave structure. Minute wave ((a)) of W ended at 84.88, Minute wave ((b)) of W ended at 85.17 high, and Minute wave ((c)) of W ended at 84.27 low. Up from there, Minor wave X bounce also unfolded as a double three Elliott Wave structure. Minute wave ((w)) of X ended at 85.31, Minute wave ((x)) of X ended at 84.74 and Minute wave ((y)) of X ended at 85.74. The internal of Minor wave Y subdivided as a zigzag structure. Minute wave ((a)) of Y ended at 84.36, Minute wave ((b)) of Y ended at 85, and Minute wave ((c)) of Y ended at 83.87 low. The move lower to 83.87 also ended Intermediate wave (2) upon reaching 100%-123.6% Fibonacci extension area of Minor W-X at 83.91 – 84.26.
Above from there, the pair has made a strong rally to the upside in an impulse Elliott Wave structure . Due to the 5 waves impulse, it favors the continuation higher in Intermediate wave (3). However, a break above 4/13 high 85.75 is needed for the final confirmation of the next leg higher. Until then, a double correction lower in intermediate wave (2) still can’t be ruled out. Near-term, as far as dips remain above 83.87 low, expect pair to resume higher. We don’t like selling it.
CADJPY Elliott Wave 1 hour Chart
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