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Elliott Wave View: CAD/JPY Further Correction Lower Likely

Short Term Elliott Wave in CADJPY suggests the rally to 91.19 ended wave (3). Wave (4) pullback is currently in progress with internal subdivision as a zigzag Elliott Wave structure. A zigzag structure is a 3 waves corrective structure labelled as ABC. The internal of ABC is a 5-3-5 structure where both wave A and C are in 5 waves. Down from wave (3), wave ((i)) ended at 90.59 and rally to 91.15 ended wave ((ii)). Pair then resumed lower in wave ((iii)) towards 90.34 and bounce in wave ((iv)) ended at 90.79. Final leg lower wave ((v)) ended at 90.03 and this completes wave A in higher degree.

Wave B rally is ongoing to correct cycle from June 1 peak in 3, 7, or 11 swing before the decline resumes. Short term, expect wave ((a)) to end soon, then pair should pullback in wave ((b)) before turning higher again in wave ((c)) of B. Afterwards, as far as the rally fails below 91.19, pair should turn lower in wave C with a target towards 100% – 161.8% of wave A. Near term, as far as pivot at 91.19 high stays intact, expect rally to fail and pair to resume to the downside in wave (4)

CADJPY 60 Minutes Elliott Wave Chart

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