CADJPY SHOWING BEARISHNESS! A Clear Reverse Symmetrical Pattern

FX:CADJPY   Canadian Dollar / Japanese Yen
The CADJPY             is showing a very clear Elliott Wave reverse symmetrical - bottom declining pattern. The wave is expected to go till 90.50 soon.

just another opinion with several charts about this pair
Thanks for the chart Rubens. The chart you have linked is a weekly chart. Do not mistake my interpretation as a long term view. The view is strictly on the short term, maybe for the next 30 candlesticks or so. That would add up to just one candlestick in your chart.. And we all are maintaining a bullish view (a very huge one) if it manages to bounce off from 90.50 levels. I will update my chart if it hits the target and bounces. The view at that point will likely be bullish. Good luck and thanks again for the chart.
here you go. I'm trading the Daily chart though. Also I do believe the move is relatively short and i'll probably looking for longs after the move has hit stronger (horizontal) S&R.
Evild0er Evild0er
Believing 91.00+- will hold, but am excited to see what happens anyway.
Some traders have an opinion that a major bounce will start from the 90.50 to 91.00 handle.. But I think its premature to speculate that yet. I think there will be a pausing period at those levels where bulls and bears fight to take prices in their direction. As of now, we will remain focused on the next target(90.50). If I have an opinion after it touches that level, I will share it. Good luck.
Evild0er PranavShandilya
Cheers, good luck to you to. On a sidenote, IF it would break 90.50 or lower, I believe price might make a major dive down further :) but in any case I'll also reevaluate in a couple of days.
Yes.. but I've never really believed in S&R levels. Call me ridiculous, but these daily and hourly support and resistance levels mean nothing to me. I've never traded them and I've not met one trader who has traded them successfully. They seem to have some impact in the stock markets. But over here in forex, they just don't play out well.
Evild0er PranavShandilya
Well, IMO there are different ways to trade profitable. To each their own. Each chart is a story being told, you can choose which language to translate it to, many times you'll find a same story with only a few different accents. As many people on this (great!) website, I'm just trying to share my ideas and hope to give a different perspective (as many try to do). What makes S&R lines/zones so hard it's hard to describe them objectively, also it's just a tool (though an important one in my box) which is best used in combination with other signs. But every artist chooses his own methods of painting :), which is a good thing - it would be boring if everyone had the exact same charts.
True that :)
Nice graph. I have a similar idea, different signs, also predicting downmove :)
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