$CADJPY Short-term Elliott Wave Analysis 6.16.2016

Short term Elliottwave structure suggests cycle from 6/8 peak (85.57) is unfolding as a triple three where wave ((w)) ended at 82.59 and wave ((x)) ended at 83.47. Wave ((y)) is in progress as a zigzag where wave (a) ended at 82.13 and wave (b) ended at 82.87. Wave (c) of ((y)) decline from there is currently in progress as 5 waves and wave v is expected to complete soon and may reach as low as 79.24, then it should bounce in the second wave ((x)) before pair resumes lower. We don’t like buying the proposed bounce and expect second wave ((x)) bounce to fail in 3, 7, or 11 swing as far as pivot at 82.87 stays intact.

1CADJPY 6020160616144516

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer


Subscribe to our Forex Blog

First Name: *
Last Name: *
Your Email Address: *