CADJPY Technical Analysis: Correction is over?

CADJPY Technical Analysis: Correction is over?

4 May 2016, 04:46
hoagtrading
0
28

Talking Points:

  • CADJPY Technical Strategy: Turning bearish
  • Elliottwave Count: Larger impulse bearish count.

We were expecting correction over 88.50 area where we were tracking wave c termination point. We marked with yellow round. Same point was also treated a channel resistance. From 88.50, pair is able to break horizontal support and trading below middle line of bullish corrective channel. 


We are expecting break of bullish trendline, confirmation of break will first point 82.50 area followed by 80.00 zone.


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