$CADJPY Short-term Elliott Wave Analysis 5.31.2016

Short term Elliottwave structure suggests that dip to 82.88 on 5/24 ended wave X. Rally from there is unfolding as a double three where wave ((w)) ended at 85.17, wave ((x)) ended at 83.88, and wave ((y)) is in progress. Internal of wave ((y)) is also taking the form of a double three where wave (w) is expected to complete at 85.3 – 85.6 area, then it should pullback in wave (x) before pair resumes higher again. We don’t like selling the proposed wave (x) pullback and expect pair to extend higher again towards 86.17 – 86.71 area once wave (x) pullback is complete in 3, 7, or 11 swing as far as 83.88 pivot stays intact.

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