#CADJPY Elliott wave analysis

mohemati Updated   
OANDA:CADJPY   Canadian Dollar / Japanese Yen
hello dear traders and colleagues. Lets have a look at a very long term chart of CADJPY.

If we want to interpret the chart using Elliott wave principle we can see from the bottom that we have completed a 5 wave impulsive bullish move (corrective wave 4 is running flat formation) and then we can see a 5 wave bearish impulsive (which also labeled as wave A).

Now that the price reached the top unless we are witnessing a running flat we can expect that the bullish move as wave B is also reached its destination and from now we can wait for the wave C to be completed.
Initial target would be the previous low if we assume that this large corrective formation is regular flat.

For opening a position in case you want to use candle stick patterns you can wait for the weekly close and see if price formed evening star which seems possible.
Other than that you can always wait for price to penetrate the previous low or perhaps triggers can be found in lower time frame and following the lower time structure.

Also it should be noted that in case price close above last week high or close above resistance level this wave analysis is invalid.

Please let me know if you like this kind of long term analysis.
As long as the price cannot close above 111.230, which represents the previous high that the price reached, this trading idea remains valid. We anticipate the price to trend lower. Any upward movements can be viewed as selling opportunities, which traders can take advantage of based on their individual strategies.
In terms of our long-term analysis, the price is currently retracing around 61.8% of the bearish leg we observed in the price two weeks ago, as indicated by the bearish weekly candle on this chart.

If we aim to confirm our position on lower time frames, this area may serve as an opportune point to sell this pair. A key signal to watch for would be the price's failure to establish a new high on the 4-hour time frame.

If you have found this analysis helpful, please take a moment to leave a like and a comment.
Trade active:
Based on our long-term perspective of this chart, which is strongly bearish, we have identified a double top formation in the 4-hour time frame, followed by an ABC bullish corrective move. Currently, we believe that the short-term bullish movement in the 1-hour time frame has concluded, leading us to initiate our selling position. please consider taking a moment to leave a like, a comment, or share your own insights with me.

Due to our long term Elliot wave analysis on this pair we are expecting for price to experience lower prices. Around area we pinpoint on the chart in this picture might be a good area for a sell, if the confluences are there.

Price stablishing new downtrend move in lower timeframe. and as we have a higher time frame bearish overview n this pair we area going to take benefit of potential down move.

Price finally broke below the short term support area with an impulsive bearish move. which recommend this bearish move can develop in our anticipated direction and we can say now that bearish move has officially started in higher timeframe.
Price moving downwards as it was anticipated since price was on recent top.


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