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CADJPY: Elliottwave Structure suggests more downside

Short term Elliott Wave cycle suggests decline to 86.35 ended wave 3. From this level, wave 4 bounce unfolded as a double three structure where wave (w) ended at 87.05, wave (x) ended at 86.5, and wave (y) of 4 is proposed to be complete at 87.4.

Pair should now try to at least correct the rally from 86.35 in 3 swing, with primary view of extending the decline to a new low. If pair breaks above 87.4 again, it is likely doing a double correction and would open extension higher in 7 swing before the decline resumes. In the event if 87.4 breaks, pair is expected to extend higher in 7 swing from wave 3 low, but as far as wave (iv) pivot at 88.9 stays intact in the bounce, pair is still favored to resume the decline to a new low.

CADJPY

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