$CAD/JPY Short Term Elliott Wave Update 8.5.2015

Short term Elliott Wave view suggests wave ((w)) decline from 96.16 is in progress and taking the form of a double three wxy where wave w ended at 94.09, wave x bounce is in progress and expected to complete at 94.74 – 94.94, then it should turn lower one more leg in wave y towards 92.74 – 93.4 equal leg area to complete wave ((w)). Alternatively, from 94.74 – 94.94 area, the pair can pullback 50% retracement to correct rally from 94.09 then go higher again in 7 swing to complete wave x bounce before the decline in wave ((w)) towards 92.74 – 93.4.

From 92.74 – 93.4 area, the pair is expected to see a larger bounce in wave ((x)) before going lower again. We don’t like buying the proposed wave ((x)) bounce and expect the bounce to fail below 96.16 in 3, 7, or 11 swing.

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