Elliott Wave view in CADJPY suggests cycle from October 21, 2021 peak is in progress as a zigzag structure. Down from October 21 peak, wave (A) ended at 90.40, and rally in wave (B) ended at 91.70. Pair is about to complete wave C with internal subdivision as 5 waves impulse as the 1 hour chart below shows. Down from wave (B), wave 1 ended at 89.69 and bounce in wave 2 ended at 91.27. Pair then resumes lower in wave 3 towards 88.38, and bounce in wave 4 ended at 89.43.
Wave 5 of (C) remains in progress as a diagonal with overlapping 5 waves. Down from wave 4, wave ((i)) ended at 88 and wave ((ii)) ended at 89.26. Wave ((iii)) ended at 87.81, and rally in wave ((iv)) ended at 88.67. Near term, as far as pivot at 89.43 remains intact, expect pair to make 1 more low to end wave ((v)) of 5 of (C). This should then complete wave ((W)) in higher degree. Afterwards, pair should be doing at least a 3 waves rally in wave ((X)) to correct cycle from October 21 peak before turning lower again. Alternatively, pair might be ending wave (3) instead of wave (C), and then bounce in wave (4) before going down again in wave (5) to end wave ((A)).
CADJPY Minutes Elliott Wave Chart
