Bullish CAD/JPY - Long term
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According to the Bull Shark pattern on a weekly chart, the price is expected to retrace all the way to the D point. However, the price action is in a parallel channel (blue trend lines) between Swing lows Feb 2013 and Highs from April 2012.
A bullish Gartley is in the process of forming on a hourly chart. The price has retraced to 61.8% of XA, which is B.
If in the case of a break above the upper trend line, the next targets are 88.77 and 89.55
Two scenarios are proposed to reach the target. If Bullish Gartley is not the correct harmonic pattern, the probability of Bullish Butterfly is high due to the support on the red lower trend line.
A bullish Gartley is in the process of forming on a hourly chart. The price has retraced to 61.8% of XA, which is B.
If in the case of a break above the upper trend line, the next targets are 88.77 and 89.55
Two scenarios are proposed to reach the target. If Bullish Gartley is not the correct harmonic pattern, the probability of Bullish Butterfly is high due to the support on the red lower trend line.
Note
Here is the Weekly Bull SharkNote
Bullish Butterfly. Price action could move up to leg C.
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