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Elliott Wave Analysis: CADJPY In A Higher Degree Zig-Zag

FX:CADJPY   Canadian Dollar / Japanese Yen
On the Daily chart we see that CADJPY             is trading quite nicely to the downside, in a higher degree of a zig-zag labeled as black a-b and c, that could be in final stages. We see that price reached lower levels in the last leg c, and is now trading in blue sub-wave 3, which can find a support and a possible turning point into wave 4 around the 1.618 Fibonacci ratio.

A zig-zag is a 3-wave             structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns.

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The correction from 3 to 4 would that be a good trade to take in a lower time frame?
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ew-forecast RenkoCloud
If we knew when the correction in wave 4 would be over, then we would make a sell order, as we would believe that more weaknees could follow in wave 5 of three.
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RenkoCloud ew-forecast
Thank you.
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