Short Term Elliott Wave in CADJPY suggests that the cycle from June 1, 2021 peak has ended in wave ((4)) at 85.4. The internal subdivision of wave ((4)) unfolded as a double three Elliott Wave structure. Down from wave ((3)) peak on June 1, wave (W) ended at 87.97 and rally in wave (X) ended at 90.407. Final leg lower wave (Y) ended at 85.4 which should also completed wave ((4)) in larger degree. The pair has started wave ((5)) higher but still needs to break above wave ((3)) at 91.185 to rule out a larger double correction.
Up from wave ((4)), wave ((i)) ended at 86.74 and pullback in wave ((ii)) ended at 86.25. Pair resumes higher in wave ((iii)) towards 88 and dips in wave ((iv)) ended at 87.41. Final leg higher wave ((v)) of 1 ended at 88.04. Wave 2 pullback is currently in progress to correct cycle from July 19 low before the rally resumes. The internal of wave 2 is unfolding as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 87.03. Pair should rally in wave ((b)) then turns lower again in wave ((c)) before ending wave 2. Near term, as far as July 19 pivot low at 85.4 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
CADJPY 60 Minutes Elliott Wave Chart
