$CADJPY Short Term Elliott Wave Analysis 02.04.2016

Short term Elliottwave structure suggests decline to 78.93 at 1/20 ended wave ((W)) and wave ((X)) bounce is unfolding as a double three (W)-(X)-(Y) structure where wave (W) ended at 84.1, wave (X) ended at 82.17, and wave (Y) of ((X)) ended at 87.03. From this level, pair turned lower in a double three where wave (w) ended at 84.67 and wave (x) bounce is currently unfolding as a triangle. As far as bounces stay below 87.03, pair is expected to resume lower for at least another leg to correct the cycle from 1/20 low. We don’t like buying the pair.

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