Short term Elliottwave structure suggests that dip to 80.66 ended wave (X). Rally from there ended wave ((w)) flat at 84.77, wave ((x)) pullback ended at 82.09, and pair has resumed the rally higher in wave ((y)) of (Y). From wave ((x)) low at 82.09, rally is unfolding as a zigzag where wave (a) ended at 85.46, and pair is now expected to pullback in wave (b) with possible target of 83.36 – 83.76 (50 – 61.8 retracement) before turning higher again. We don’t like selling the proposed pullback and expect buyers to appear once wave (b) pullback is complete in 3, 7, or 11 swing as far as 82.09 pivot stays intact.
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