Best reading of the Elliott Wave cycle suggests decline to 85.41 ended wave (4). From this level, pair has resumed rally in wave (5) as a double three structure where wave W ended at 87.58, wave X pullback ended at 86.37, and wave Y is currently in progress. Internal of wave Y is unfolding as a double three structure where wave ((w)) is expected to complete at 87.9 – 88, then it should pullback in wave ((x)) ideally towards 87.2 area before higher again to 88.6 – 89.1 area. We don’t like selling the proposed pullback in wave ((x)). As far as 86.44 pivot stays intact during wave ((x)) pullback, the pair should find buyers ideally around 87.2 and pair is expected to resume higher to 88.6 – 89.1
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