$CADJPY Short-term Elliott Wave Analysis 3.23.2016

Short term Elliottwave structure suggests dips to 84.15 ended wave ((x)). Rally from there is unfolding in a double correction where wave (w) ended at 86.22, and wave (x) ended at 84.78. Near term, wave x pullback is in progress with an ideal target of 85.3 – 85.5 (50 – 61.8 back of the rally from 84.78), then as far as wave (x) pivot at 84.78 stays intact, pair still has scope to resume higher again towards 86.9 – 87.55 area to end at least the cycle from 3/15 low and quite possibly also end the cycle from 2/11 low. A minimum of 3 waves pullback is expected once the bounce is complete in 86.9 – 87.55 area to correct the rally from 3/15 low and 2/11 low.

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