$CADJPY Short-term Elliott Wave Analysis 6.1.2016

Short term Elliottwave structure suggests that dip to 82.88 on 5/24 ended wave X. Rally from there is unfolding as a double three where wave ((w)) ended at 85.17, wave ((x)) ended at 83.88, and wave ((y)) is in progress. Internal of wave ((y)) is also taking the form of a double three where wave (w) ended at 85.51, and wave (x) is proposed complete at 84.13. While pullback stays above 84.13, and more importantly above 83.88, pair has scope to extend higher 1 more leg towards 86.17 – 86.71 area to end cycle from 5/6 low. Afterwards, expect pair to do at least 3 waves pullback to correct the rally from 5/6 low.

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