Elliott Wave View: Near Term CADJPY Should Continue higher
Short Term Elliott Wave View in CADJPY suggests cycle from April 20, 2022 high has ended with wave ((2)) at 97.73. Pair rallies from that level building an impulsive structure as wave 1 ended at 101.16. Then we saw a zigzag Elliott Wave structure as wave 2. Down from wave 1 high, wave ((a)) ended at 99.10, pullback in wave ((b)) ended at 100.39. Then pair drop again in wave ((c)) ended at 98.28 and complete wave 2.
Pair continued with a rally doing a leading diagonal as wave ((i)) ended at 99.59 and wave ((ii)) correction ended at 99.27. Wave ((iii)) has been extended. In lesser degree wave (i) of ((iii)) completed at 99.67. Small pullback as wave (ii) ended at 99.27. Then a strong rally appeared finishing wave (iii) at 101.96. Wave (iv) was shallow at 101.53 and the last rally to complete wave (v) of ((iii)) ended at 103.11. Near term, wave ((iv)) pullback could be done already at 102.50 and we should continue the rally to look for complete wave ((v)) of 3 and wave 3. If pair breaks lower 102.50, then ((iv)) should enter in a double correction before continue with the rally.
Pair continued with a rally doing a leading diagonal as wave ((i)) ended at 99.59 and wave ((ii)) correction ended at 99.27. Wave ((iii)) has been extended. In lesser degree wave (i) of ((iii)) completed at 99.67. Small pullback as wave (ii) ended at 99.27. Then a strong rally appeared finishing wave (iii) at 101.96. Wave (iv) was shallow at 101.53 and the last rally to complete wave (v) of ((iii)) ended at 103.11. Near term, wave ((iv)) pullback could be done already at 102.50 and we should continue the rally to look for complete wave ((v)) of 3 and wave 3. If pair breaks lower 102.50, then ((iv)) should enter in a double correction before continue with the rally.
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Disclaimer
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