$CADJPY Short Term Elliott Wave Analysis 02.08.2016

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)). Equal legs of (w)-(x) in ((y)) comes at 82.44 which is where a cycle from 87.07 high could complete but ideally pair should extend lower towards 81.90 – 81.00 area to complete wave W before we get a bounce in wave X to correct the decline from 87.06 high and lower again. We don’t like buying the pair in proposed wave X bounce and expect it to get rejected in 3, 7 or 11 swings for extension lower.

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