CADJPY Short Term Elliott Wave Analysis 12.29.2015

Short term Elliott Wave cycle suggests decline to 86.35 ended wave 3. From this level, wave 4 bounce is unfolding as a running triangle where wave ((a)) ended at 87.4, and wave ((b)) can still extend to as low as 86.3 before turning higher in further consolidation in wave ((c)). Any bounce is now expected to fail below wave ((a)) at 87.4 for further extension lower in wave 5 once the consolidation is complete. We don’t like buying the pair.

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