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CADJPY Forecasting The Bounce From Blue Box Area

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CADJPY Forecasting The Bounce From Blue Box Area

In this blog, we are going to take a look at the Elliottwave chart of CADJPY. The rally from August 26, 2019 low unfolded as 5 waves impulsive move up in wave (A) as adiagonal. Based on Elliottwave theory, the impulsive wave up will be followed by 3 waves correction before resuming to the upside. Therefore, we were expecting to buy at the extreme area, which is the 100% 161.8% extension of wave W-X. We showed this area with a blue box. The blue box is the area where we expect buyers to appear for an extension higher or 3 waves bounce at least.

CADJPY 2.3.2020 4 Hour Elliott Wave Update

CADJPY 4 hour 2.3.2020 update

The chart from 2.3.2020 4 hour update showed that CADJPY ended wave (A) at 84.57 high. While below that high, we expect the pair to correct the cycle from 8.26.2020 low in wave (B), which unfolded as a a double three. Wave W of (B) ended at 83.07 low and wave X of (B) ended at 83.55 high. From there, we expect wave Y of (B) to end at the 100%-161.8% Fibonacci extension of W X. That area should see buyers appear for a 3 waves bounce at least or an extension higher. The chart showed that the pair has already reached this area. However, it is possible for the pair to extend lower before ending wave (B).

CADJPY 2.18.2020 4 Hour Elliott Wave Update

CADJPY 4 hour 2.18.2020 update

The chart from 2.18.2020 4 hour update showed that CADJPY did not extend lower and ended wave (B) at 81.58 low. The pair then bounced higher from there. Wave 1 ended at 82.82 high and wave 2 ended at 82.25 low. Wave ((i)) ended at 83.12 high and wave ((ii)) ended at 82.63 low. As long as the pivot at 82.63 low stays intact, the pair can continue to extend higher in wave (C) and the dip in 3,7,11 swings should be supported. A break above wave (A) high at 84.57 high will confirm the extension higher.

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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