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.