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
