CADJPY technical analysis

CADJPY technical analysis

239 Views

Technical Analysis

CADJPY after finished its 5th wave at 106.515 in cycle degree, it has been going in the current corrective mode with a zigzag pattern to recognize, where at the A and B leg already finished; C leg in primary degree is currently forming at W1 TF; to lower the time frame to D1, we can see that an impulsive 5 wave within this C le has been developing and the end of its 3rd wave is expected to reach the price level at 71.474 without extension. In a short term time frame to H4, CADJPY is but in forming its diagonal pattern, whereat the 4th wave is now started to correct. I expect a further bounce up to 82.711( 50.0%) and from there if rejection is being occurred, then further lower price zone will be looking for. This current diagonal 5 wave pattern has its alternative character in itself, hence the time to consume for 4th wave will be longer thanh the finished 2nd wave.

 

 



 

Take your look at the depicted charts below for more references:

 

 



Trading strategy for CADJPY should be short at nex. Keep watching the described 50.0% fibs at 82.711 closely, from there price is rejected and heading down, give CADJPY a short.

We will keep further monitoring for CADJPY on time.

Trade well!



Tradingscenes team

Thông tin thành viên
Forex, stocks, commodities Trader & Markets Analyst. Makkaba Co., Ltd. ST&C

No Comments

Give a comment