CADJPY short-term Elliott wave view suggests that a bounce to 87 on 11/08/2018 high ended intermediate wave (X). Down from there, the decline unfolded as double three structure where Minute wave ((w)) ended at 85.44 low as zigzag structure. A bounce to 86.35 ended Minute wave ((x)). Then a decline to 84.61 low ended Minute wave ((y)) & completed the Minor wave W lower. Also, with this push lower pair made a new low below 10/26/2018 low (84.83). Which made the sequence from 10/02/2018 peak incomplete to the downside favoring more downside against 11/08/2018 peak (87).
Up from 84.61 low, pair is correcting the cycle from 11/08/2018 peak in wave X bounce in 3, 7 or 11 swings before decline resume once again. Near-term focus remains towards 85.52-85.92 100%-161.8% Fibonacci extension area to end Minor wave X bounce. Afterwards, the pair is expected to resume the downside provided the pivot at 11/08/2018 peak (87) stays intact or should produce a 3 wave reaction lower at least. We expect sellers to appear in 3, 7 or 11 swings against 87 high.
CADJPY 1 Hour Elliott Wave Chart
