Elliott Wave View: CADJPY Selloff To Resume

Short Term Elliott Wave view suggests that cycle from 11.8.2018 high (87) ended at 83.55 in red wave W and bounce to 85.27 ended red wave X. Pair has resumed lower in red wave Y, but it needs to break below red wave W at 83.55 for confirmation and to avoid double correction in red wave X. Internal of red wave W unfolded as a double three Elliott Wave structure where black wave ((w)) ended at 84.59, black wave ((x)) ended at 86.25, and black wave ((y)) of W ended at 83.55. Up from there, red wave X bounce ended at 85.27. The Internal of red wave X also unfolded as a double three Elliott Wave structure. Black wave ((w)) of X ended at 85.08, black wave ((x)) of X ended at 84.34, and black wave ((y)) of X ended at 85.27.

Decline from 85.27 is unfolding as a 5 waves Elliott Wave impulse structure. Blue wave (i) ended at 84.68, blue wave (ii) ended at 84.96, wave ( iii ) ended at 83.95, and wave (iv) ended at 84.11. Expect pair to end blue wave (v) soon, and it should also end black wave ((a)) of larger degree zigzag . Afterwards, pair should bounce in black wave ((b)) in 3-7-11 swing to correct cycle from 12/14/2018 high before the decline resumes.