$USD/CAD Short Term Elliott Wave Update 7.8.2015

Rally from wave (X) low at 1.212 is unfolding in triple corrective structure WXYZ where wave W ended at 1.2423, wave X ended at 1.23, wave Y ended at 1.263, and second wave X ended at 1.253. Wave Z is in progress towards 1.283 – 1.29 to complete wave ((B)). The internal of wave Z is taking the form of a double corrective structure ((w))-((x))-((y)) where wave ((w)) ended at 1.28, wave ((x)) ended at 1.2675, and wave ((y)) is currently in progress towards 1.283 – 1.29 to complete wave ((B)). Expect profit taking and the pair to correct the rally from 1.212 once wave ((B)) is complete. Cycle is quite mature already at this stage and it’s risky to chase the last strength. As far as 1.253 pivot stays intact, the pair can still do one more swing higher towards the target above.

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