In our last CADJPY analysis, we mentioned that the top was in place for CADJPY and to watch for the completion of the 2nd wave ABC correction. We saw a deeper retracement than anticipated but we still remained below the high. Price went on to move lower 1000pips.
As we're in wave 3, we were looking for 5 subwaves. We can see that we're currently in the 5th subwave of wave 3. Once that is complete, we'll be looking for a correction for wave 4. Price needs to remain below the blue structure = good invalidation level to have.
Trade Idea: - Watch for Wave 4 correction to lead towards the blue structure - enter on break of wave 4 correction with stops above correction (safer stops above blue wave 4 invalidation structure) - Targets: Wave 3 completion, hold until you finish counting 5 subwaves down for wave 5
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