$CADJPY Short-term Elliott Wave Analysis 6.2.2016

Short term Elliottwave structure suggests that the cycle from 5/6 low has ended with wave (X) at 85.5. Decline from there is taking the form of a zigzag. Wave ((a)) of the zigzag is currently in progress as 5 waves diagonal where wave (i) ended at 84.13, wave (ii) ended at 84.85, wave (iii) ended at 83.28 and wave (iv) ended at 83.87. While pair remains below wave (iv) at 83.87, pair has scope to extend lower in wave (v) of ((a)) to as low as 82.17 – 82.5 area where wave (v) = wave (i). Afterwards, a larger 3 waves bounce in wave ((b)) is expected to correct the decline from 5/31 wave (X) peak before pair turns lower again. We don’t like buying the proposed wave ((b)) bounce.

1CADJPY 6020160601214943

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