Short Term Elliott wave cycles suggests that decline to 76.75 ended wave (X). Rally from there is unfolding as double three where wave W ended at 82.46 and wave X ended at 80.23. Near term, pair is expected to correct the rally from 80.23 low, and correction is expected to complete at 80.9 – 81.11 area (50 – 61.8 retracement) before pair resumes higher. We don’t like selling the proposed pullback and expect buyers to appear at the area above for an extension higher, provided that pullbacks stay above 80.23 in the first degree. If pair breaks below 80.23, then it’s doing a double correction in wave X and opens extension lower towards 79.25 – 79.78 area before pair turns higher again.
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