After strong and deep decline to 1800 back in February, metal is now once again turning bullish as yields are coming down with the USD. We have seen a strong move towards 2k, where the market slowed down, possibly for a new corrective pullback; ideally wave 4 that can be either a triangle or flat. It’s now at first support here near 1940, so watch out for a continuation higher within wave 5 soon.
Impulse waves consist of five sub-waves that make a net movement in the same direction as the trend of the next-largest degree. Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns that are related to persistent changes in investor sentiment and psychology.
CADJPY Update: CADJPY Has Unfolded A Bearish Impulse. Check our blog HERE