CAD/JPY: Looks like textbook wave 4...
Looks like textbook EW...: short wave 1 with sharp zigzag, extended wave 3 and now rather flat looking wave 4 correction...? Target for getting long again anywhere between 86 and 84 I would think..., Maybe re-test of broken trendline...
Such a long wave 3 usually means rather short wave 5, sometimes closely related to length of wave 1 but internal wave structure is to be watched to confirm when or if we see it developing...
Don't just jump in but look for setups with extreme levels or other signals on smaller TF's.
Zoom out to see the large bat which yealded us TP1 at 85.667 (entry 76.10) and which could mean eventually we could go further up to reach TP2 at 91.579 (ideal for wave 5 if the count is correct...).
Alternative scenario with continued move down and break of current up-trend (below 84 at least) means we could still re-test the 80.00 level (but watch the MA's also...)!
Such a long wave 3 usually means rather short wave 5, sometimes closely related to length of wave 1 but internal wave structure is to be watched to confirm when or if we see it developing...
Don't just jump in but look for setups with extreme levels or other signals on smaller TF's.
Zoom out to see the large bat which yealded us TP1 at 85.667 (entry 76.10) and which could mean eventually we could go further up to reach TP2 at 91.579 (ideal for wave 5 if the count is correct...).
Alternative scenario with continued move down and break of current up-trend (below 84 at least) means we could still re-test the 80.00 level (but watch the MA's also...)!
Comment:
Channel broke but still looks corrective, double zigzag maybe, a bit more down is possible I think and then afterwardss another wave up (wave 5) is possible...:
