CADJPY Short-term Elliott Wave Analysis 2.10.2016

Short term Elliottwave structure suggests wave ((X)) bounce ended at 87.06. From this level, pair turned lower in a triple three structure where wave ((w)) ended at 84.67, wave ((x)) FLAT ended at 86.2, wave ((y)) ended at 81.89 and a bounce in 2nd wave ((x)) is also proposed to be over at 83.66. While below 83.66 and more importantly as far as pivot at 86.2 high remains intact, pair is expected to make new lows towards 81.08 – 80.46 area to finish a cycle from 87.06 high. We don’t like buying the pair in proposed bounces.

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