CADJPY cycle from 2.1.2024 low is in progress as a nesting 5 waves. Up from 2.1.2024 low, wave ((i)) ended at 111.407 and pullback in wave ((ii)) ended at 110.6. Pair resumes higher in wave ((iii)) with internal subdivision as another 5 waves. Up from wave ((ii)), wave i ended at 111.614 and wave ii pullback ended at 110.657. Pair resumes higher in wave iii towards 111.739 and dips in wave iv ended at 111.402. Final leg wave v ended at 111.8 which completed wave (i) in higher degree. Pullback in wave (ii) is now in progress with internal subdivision as a double zigzag Elliott Wave structure.
Down from wave (i), wave a ended at 111.22 and wave b ended at 111.515. Wave c lower ended at 111.17 which completed wave w. Rally in wave x ended at 111.623. Pair resumes lower in wave y with internal subdivision as a zigzag structure. Down from wave x, wave a ended at 111.172 and wave b ended at 111.389. Wave c lower is expected to end at 110.6 – 111 area where it should complete wave y of (ii) in higher degree. Near term, expect buyers to appear at the blue box area for further upside or 3 waves rally at least.
