$CADJPY Short-term Elliott Wave Analysis 7.20.2016

Short term Elliottwave structure suggests rally to 82.53 ended wave (W). Decline from there is unfolding as a double correction where wave ((w)) ended at 80.67 and wave ((x)) ended at 82.15. While pair stays below 82.15, and more importantly as far as 82.53 pivot stays intact, expect pair to resume lower. Initial target lower for wave ((y)) of W is towards 79.84 – 80.28 area, then pair should bounce in wave X before the decline resumes further.

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