$CADJPY Short Term Elliott Wave Analysis 02.05.2016

Short term Elliottwave structure suggests wave ((X)) bounce ended at 87.06. From this level, pair turned lower in a double three structure where wave (w) ended at 84.67, wave (x) FLAT ended at 86.2, and pair has resumed lower in wave (y). Bounces now are expected to stay below 86.2, but more importantly below 87.06, for continuation lower towards 83.25 – 83.82. We don’t like buying the proposed bounce.

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