From the start of the February, we could observe a sideways movement on the CAD/JPY pair. If we look at the 1-hourly chart, we can see that the corrective (4) wave (coloured green) was developing in that period. Today’s movement towards the 92.05 level can be seen as the end of the final E sub-wave (coloured blue).
If this count is right we are currently at the start of the final (5) impulsive wave (coloured green) and we can expect to see price higher for the next few sessions. According to Elliott waves rules wave 5 should retrace 61,8% of the 3 wave, so when we measured this with Fibonacci expansion we got level 95.00 (61.8% of 5vs3) as the possible resistance point. If price break below the 92.00 level our count will be invalidate so keep an eye on this level.
If this count is right we are currently at the start of the final (5) impulsive wave (coloured green) and we can expect to see price higher for the next few sessions. According to Elliott waves rules wave 5 should retrace 61,8% of the 3 wave, so when we measured this with Fibonacci expansion we got level 95.00 (61.8% of 5vs3) as the possible resistance point. If price break below the 92.00 level our count will be invalidate so keep an eye on this level.
