CADJPY Short-term Elliott Wave Analysis 2.12.2016

Short term Elliottwave structure suggests wave ((X)) bounce ended at 87.06. Down from this level pair has enough number of swings in place to call a triple three structure completed at 79.25. As this level holds in the dips, pair has scope to put in a 3 or 7 swings bounce in wave (X) which is expected to comfortably hold below 87.06 high for another extension lower. We don’t like buying the pair in proposed wave (X) bounce and expect it to fail & find sellers in 3, 7 or 11 swings as far as pivot at 87.06 high remains intact.

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