Short Term Elliott Wave view in CADJPY calls the bounce to 84.37 on April 17, 2019 as wave 2. The pair is currently in wave 3 lower and the internal subdivides as an impulse Elliott Wave structure. Down from 84.37, wave (i) ended at 83.49, wave (ii) ended at 83.925, wave (iii) ended at 82.66, wave (iv) ended at 83.33, and wave (v) ended at 82.53. This 5 waves decline ended higher degree wave ((i)) of 3. Pair is currently in wave ((ii)) of 3 correction and the internal subdivides as a Flat Elliott Wave structure.
A Flat is an ABC structure with subdivision of 3-3-5. Up from 82.53, we can see wave (a) ended at 83.2 and subdivides in 3 waves. Wave (b) ended at 82.59, and wave (c) is in progress and subdivides in 5 waves. The blue box of 83.26 – 83.67 shows 100% – 161.8% fibonacci extension of wave (a)-(b). This is the area where wave ((ii)) can potentially complete. More importantly however, as far as the invalidation level of 84.37 stays intact, expect the bounce to fail and pair to extend lower.
1 Hour CADJPY Elliott Wave Chart Post Market Update