CADJPY has unfolded a five-wave bearish impulse, which from Elliott wave perspective confirms a bearish reversal.
Back on January 26th we shared CADJPY idea, where we mentioned and highlighted about a five-wave bearish impulse from the highs and that more weakness can be coming after wave 4 correction with resistance around 100 level. CLICK HERE
As you can see today after two months, CADJPY dropped perfectly from projected wave 4 resistance and it’s already back to lows for wave 5.
Well, now that is trading 5th wave we can easily confirm bears back in the game, but after every five waves, there comes a three-wave correction. So, for any shorts it might be too late at this stage, but after a new higher degree A-B-C corrective recovery, there might be new short opportunities.
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