$CADJPY Short-term Elliott Wave Analysis 8.23.2016

Preferred Elliott wave count suggests that rally to 78.79 ended wave X. Down from there, there’s enough number of swing and extension to call wave (w) completed. After wave (w) is confirmed over, likely from 77 – 77.3 area which it has already reached, then it should bounce in wave (x) before pair resumes lower again. We don’t like buying the proposed bounce and expect bounces to fail in 3, 7, or 11 swing as far as pivot at 78.79 stays intact.

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