Elliott Wave View: CADJPY Looking for 7 Swing
Short term view in CADJPY suggests rally from 8.2.2022 low is unfolding as a double three Elliott Wave structure. Up from 8.2.2022 low, wave ((a)) ended at 104.71 and dips in wave ((b)) ended at 102.93. Pair extended higher in wave ((c)) at 105.088 which completed wave W in higher degree. Pullback in wave X ended at 102.57 low as a zigzag structure. Down from wave W, wave ((a)) ended at 103.2, rally in wave ((b)) ended at 104.72, and final leg lower wave ((c)) ended at 102.57 which also completed wave X.
Wave Y is in progress higher with internal subdivision as a zigzag structure. Up from wave X, wave (i) ended at 103.36 and pullback in wave (ii) ended at 102.88. Pair then resumed higher in wave (iii) towards 104.95, and pullback in wave (iv) ended at 104.26. Near term, expect wave (v) to complete soon and this should also end wave ((a)) of the zigzag. Pair should then pullback in wave ((b)) to correct cycle from 8.15.2022 low in 3, 7, or 11 swing before the rally resumes. As far as pivot at 102.55 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
CADJPY 45 Minutes Elliott Wave Chart
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.