CADJPY Dips Keep Finding Buyers At Equal Legs Area
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the (CADJPY) . The rally from the 28 July 2023 low showed a higher high sequence & provided a short-term extreme trading opportunity. In this case, the pullback managed to reach the equal legs area & provided a buying opportunity. So, we advised members not to sell it but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure & forecast below:
CADJPY 1-Hour Elliott Wave Chart From 8.23.2023
Here’s the 1-hour Elliott wave Chart from the 08/23/2023 New York update. In which, the rally to 108.28 high ended the wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave zigzag structure where lesser degree wave (a) ended at 101.01 low. Then a short-term bounce to 108.20 high ended wave (b) & started the next leg lower in wave (c) towards 106.93- 16.14 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
CADJPY Latest 1-Hour Elliott Wave Chart From 8.26.2023
Above is the Latest 1-hour Elliott wave Chart from the 8/26/2023 Weekend update. In which the pair is showing a reaction higher taking place from the equal legs area. Right after ending the zigzag correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above 108.28 high would still be needed to confirm the next leg higher minimum towards the 108.68- 109.35 area before the next pullback takes place.
Source: https://elliottwave-forecast.com/forex/cadjpy-dips-keep-finding-buyers-equal-legs-area/
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
