$CADJPY Short Term Elliott Wave Analysis 02.02.2016

Short term Elliottwave structure suggests decline to 78.93 at 1/20 ended wave ((W)). From this level, wave ((X)) bounce is unfolding in a double three structure where wave (W) ended at 84.12, wave (X) ended at 82.17, and wave (Y) is in progress towards 87.3 – 88.55 area to end the cycle from 1/20 low. Near term, while pullback stays above 84.84, but more importantly above 82.17, pair is expected to continue higher towards 87.3 – 88.55 area to complete wave ((X)) before it turns lower at least in 3 waves to correct the rally from 1/20 low. We don’t like buying the proposed push higher.

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