Hello TradingView Community,
Today, I'm analyzing CADJPY on the 4-hour chart using Elliott Wave theory, which presents an optimistic view for a potential long position. Our analysis suggests that the market is currently in a corrective phase after a robust impulse wave.
From the chart, we can see that the price completed a five-wave impulse sequence leading to a high. The market is now undergoing a corrective ABC pattern. The recent low marked as wave 'a' seems to have completed, and we are now observing a retracement in wave 'b', with potential targets at Fibonacci retracement levels of 114.366 (50%) and 115.066 (61.8%).
The strategy here would be to enter a long position around these Fibonacci levels of wave 'b', anticipating the commencement of wave 'c', which could potentially push the price higher, resuming the prior upward trend. This expected move aligns with the overall bullish sentiment observed before the corrective phase.
Investors considering this trade may look to set a stop-loss just below the recent low of wave 'a' at 111.401 to protect against any unforeseen reversal below this point. This setup offers an appealing risk-reward ratio, considering the upward potential reflected by the Elliott Wave pattern.
Make sure to keep an eye on how the price interacts with these Fibonacci levels and adjust your trading strategy accordingly. As always, prudent risk management is recommended to navigate the volatility inherent in the forex market.
Today, I'm analyzing CADJPY on the 4-hour chart using Elliott Wave theory, which presents an optimistic view for a potential long position. Our analysis suggests that the market is currently in a corrective phase after a robust impulse wave.
From the chart, we can see that the price completed a five-wave impulse sequence leading to a high. The market is now undergoing a corrective ABC pattern. The recent low marked as wave 'a' seems to have completed, and we are now observing a retracement in wave 'b', with potential targets at Fibonacci retracement levels of 114.366 (50%) and 115.066 (61.8%).
The strategy here would be to enter a long position around these Fibonacci levels of wave 'b', anticipating the commencement of wave 'c', which could potentially push the price higher, resuming the prior upward trend. This expected move aligns with the overall bullish sentiment observed before the corrective phase.
Investors considering this trade may look to set a stop-loss just below the recent low of wave 'a' at 111.401 to protect against any unforeseen reversal below this point. This setup offers an appealing risk-reward ratio, considering the upward potential reflected by the Elliott Wave pattern.
Make sure to keep an eye on how the price interacts with these Fibonacci levels and adjust your trading strategy accordingly. As always, prudent risk management is recommended to navigate the volatility inherent in the forex market.
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