CADJPY is in higher degree corrective rally after a completed wedge pattern within 5th wave by Elliott wave theory.
CADJPY was trading bearish for the last couple of months, actually since September 2022. We can actually clearly count five waves down from the highs as mentioned and highlighted in the our blog post shared two days back. CLICK HERE
Well, with current sharp and impulsive bounce away from the lows, a five-wave bearish cycle can be now actually completed within the wedge pattern for wave 5.
Looking at the 4-hour chart, we CADJPY recovering in an impulsive fashion, but it can be now finishing a five-wave cycle within first leg A, so pullback in wave B can be near before we will see a bigger recovery for wave C towards 100 resistance. Ideal support for wave B comes around 97.00 – 96.50 area.
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