$CAD/JPY Short Term Elliott Wave Analysis 7.28.2015

Wave ((w)) decline from 97.16 is unfolding in a double three structure (w)-(x)-(y) where wave (w) ended at 95.35, wave (x) ended at 96.04, and wave (y) is in progress towards 93.84 – 94.26 to complete wave ((w)). From this area, the pair is expected to bounce in wave ((x)) before resuming lower again. We don’t like buying the proposed wave ((x)) bounce. We expect the pair to continue lower again once wave ((x)) bounce is complete in 3, 7, or 11 swing as far as 97.16 pivot stays intact.

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