Elliott Wave View: CADJPY Shows Impulsive Rally

Short-term Elliott wave view in CADJPY suggests that the pullback to 84.64 ended wave (W). Pair is doing a corrective rally in wave (X) which is unfolding as a zigzag Elliott Wave structure. The first leg of the zigzag wave A is in progress as a 5 waves impulse. Up from wave (W), wave ((i)) ended at 85.6 and pullback in wave ((ii)) ended at 85.27. Pair resumes higher again in wave ((iii)) towards 87.2 with internal subdivision as an impulse in lesser degree. Wave (i) of ((iii)) ended at 85.66 and pullback in wave (ii) of ((iii)) ended at 85.39. Pair resumes higher in wave (iii) of ((iii)) towards 86.61, and wave (iv) of ((iii)) ended at 86.19. Wave (v) ended at 87.2 which also completed wave ((iii)).

Afterwards, pair did a pullback in wave ((iv)) which ended at 86.86. Final leg higher wave ((v)) of A is expected to end soon. Expect pair to pullback in wave B to correct the 5 waves rally from August 20 low before the rally resumes. The Internal structure of the pullback is proposed to be unfolding as a zigzag structure in 3 waves. Near term, as far as pivot at 84.64 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.