CADJPY Bigger Picture View Down To H1 Time Frame - Good Setup!

Weekly (pink): We are currently in wave 4 of the weekly structure. I expect wave 4 to complete to the top of the structure before we will see whether there will be a break of the structure to the upside on this wave or whether there will be a 5th wave to the downside first.



Daily (blue): We are in wave 3 of the daily structure. Interestingly the target for wave 3 is at the same point as wave 4 of the weekly structure. This indicates a strong possibility that the price will move to that target.



H4 (green): The structure that has formed on the H4 time frame doesn't completely tie in with the bigger picture view as it has a bearish formation. I expect that there may be an extension in wave 5 which will complete the larger structure views.



H1 (red): I am sitting on my hands at the moment and waiting for the H1 corrective structure to unfold. As things stand now, I am expecting to see a 5 wave structure formation which would complete at the bottom of the green H4 structure. I will be looking for the long entry from that point.

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Happy trading!
Linton