CADJPY SELL

This 1-hour CADJPY chart analysis suggests a SELL opportunity, employing Elliott Wave Theory for strategic planning. The chart illustrates a completed five-wave upward movement followed by the onset of a corrective A-B-C pattern.

From the peak of wave (5), a notable decline marks wave (a), followed by a corrective rebound in wave (b), which seems to be stabilizing or concluding. The potential beginning of wave (c) is indicated by the recent price stabilization, which might result in a further decline towards the Fibonacci extension level of 0.618 at 112.278, which is calculated from the top of wave (b).

Given this setup, a SELL position could be advantageous as wave (c) unfolds, targeting the projected level of 112.278. This trading strategy considers the typical behaviors of Elliott Wave patterns where wave (c) often extends to at least the 0.618 Fibonacci level of the prior wave (a).

Traders should consider managing risks by placing a stop-loss above the recent high of wave (b), mitigating potential losses should the price action deviate from the expected downward trajectory. It's crucial to monitor the price movement closely, confirming that wave (c) is indeed progressing as anticipated and adjust the strategy accordingly to any new developments.

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