forextidings

EWT: CADJPY Preparing for 93.84

Long
FX:CADJPY   Canadian Dollar / Japanese Yen
Price has completed the C leg of corrective wave Primary ((4)), and the price will march for impulsive wave ((5)).

Wave Formations:

Wave ((1))

- Leading diagonal
- Formed on extreme low
- Termination sub-wave 5 is smaller than 3

Wave ((2))

- Zigzag
- 50% of wave ((1))
- Ended near the sub-wave 4 of an impulsive wave.

Wave ((3))

- Impulse (Five wave move)
- Extended 2.618% of wave 1

Wave ((4))

- Running triangle/running flat
- 38.2% of wave ((3))
- Ended above wave (b)

Wave ((5))

- Wave ((1)) was a leading diagonal , so wave ((5)) can't form as a diagonal. It will be an impulsive wave.
- Wave 3 can end near 161.8% of the 4th wave at 93.492.
- Wave 1= Wave 5 at 93.765
- Wave 5 can complete after touching the parallel channel at 93.849.

We can expect the following targets: 91.46-92.29-93.849
Comment:
Trade closed: target reached: CADJPY has reached first target of 91.46.
Trade closed: target reached: CADJPY has reached 2nd target of 92.29.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.