Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of CADJPY published in members area of www.elliottwave-forecast.com. In further text we’re going to count the swings, explain the Elliott Wave view and trading strategy.
Let’s start with 4 hour update.
CADJPY Elliott Wave 4 Hour Chart 09.09.2017
As our members know, we were pointing out that CADJPY has incomplete bullish swings sequences in the cycle from the 85.44 low. Rally from the 85.44 low is swowing 5 swings so far, when we’re ending 6th now . As far as the price holds above ((x)) low, marked as 4th swing, we expect to get rally in 7th swing. These type of structures are often in the market, and help us to determine future price action with high probability. Consequently, we advised members to avoid selling the pair and keep buying the dips in 3,7,11 swings. The pair is targeting 91.16-92.0 area, where buyers will be taking profit and that area should produce 3 wave pull back at least.
Let’s take a look at the lower time frame, to see how we forecasted potential reversal / buying zone .
CADJPY Elliott Wave 1 Hour Chart 09.09.2017
The pair is currently doing (b) blue pull back , correcting the short term rally from the 87.53. It’s already showing 3 waves from the peak that are expected to complete at technical area 88.70-88.48 (buying zone) . We expect to see further rally in 7th swing higher ideally.
The pair found buyers at 88.70-88.48 area and gave us rally in proposed 7th swing. Our target is reached at 91.16-92.0 area, and we’re currently getting expected pull back from there . Keep in mind market is very dynamic. If you’re interested new forecasts of CADJPY you can find them in the membership area of EWF.
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