Short Term Elliott Wave View in CADJPY suggests cycle from December 20, 2021 has ended with wave ((1)) at 102.96. Pullback in wave ((2)) is currently in progress to correct that cycle. Internal subdivision of wave ((2)) is unfolding as a zigzag Elliott Wave structure. Down from wave ((1)), wave 1 ended at 99.8 and rally in wave 2 ended at 101.02. Pair resumes lower in wave 3 towards 99.13, wave 4 ended at 99.74, and wave 5 ended at 98.96. This completed wave (A) in higher degree.
Wave (B) rally ended at 102.46 with internal subdivision as a zigzag structure in lesser degree. Up from wave (A), wave A ended at 100.12, pullback in wave B ended at 99.43, and wave C ended at 102.46 which completed wave (B). Expect pair to extend lower in wave (C) with internal subdivision as another 5 waves in lesser degree. Down from wave (B), wave 1 ended at 100.59. While wave 2 rally fails below wave (B) at 102.46, and more importantly below wave ((1)) at 102.96, pair should resume lower. Potential target for wave (C) lower is 100% – 161.8% Fibonacci extension of wave (A) which comes at 96 – 98.4.
CADJPY 45 Minutes Elliott Wave Chart
