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CADJPY Short Trade Setup

Oleh WaveAnalysis
Although we have a new high, the previous monthly top (the red A), which is shown by the dashed line, hasn't been broken yet. This means, the monthly structure remains a running flat. That's why I want to take a short trade. Structure-wise, the minimum target will be 73.700, but it won't be my trading target since it will take a long time to get there. I placed a pending order under the potential reversal impulse. The risk here is having a small correction like the previous one that is marked by the yellow box. If it makes a bigger correction like the blue one, we will have time to move SL to BE.

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CADJPYElliott Wavemedium-termshorttradeWave Analysis
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