Someone has probably already spotted this trade but the basic 5 wave sequence is apparently forming in CADJPY
. As you can see wave 2 retraces to the 38.2% level of the first wave and wave 4 retraces to the 61.8% level of the 3rd wave. The 3rd wave is also the 200% expansion of the first wave. My target (wave 5) would be the 127% expansion of wave 5 seeing as how the 5th wave is supposed to be the short.