CADJPY Short Term Elliott Wave Analysis 12.31.2015

Short term Elliott Wave cycle suggests decline to 86.35 ended wave 3. From this level, wave 4 bounce is unfolding as a double three where wave ((w)) ended at 87.4, wave ((x)) ended at 86.36, and wave ((y)) of 4 is in progress towards 87.43 – 87.7 area before lower again. We don’t like buying the pair and expect sellers to appear from 87.43 – 87.7 area for at least 3 waves pullback to correct 12/2 cycle per Elliott Wave hedging idea.

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