Short term Elliottwave structure suggests that cycle from 4/7 low remains in progress as a triple three where wave W ended at 85.7 (4/13 high), wave X ended at 83.07 (4/18 low), and wave Y is proposed complete at 88.37 (4/23 high). Second wave X pullback is in progress to correct the rally from wave X low at 83.07 (4/18 low), and as far as pivot at 83.07 is intact in the pullback, pair is expected to resume the rally higher again. Near term, from wave Y peak at 88.37, pair ended first swing wave ((a)) at 87.39, and while pair stays above wave (x) blue at 87.33, it has scope to make another leg higher to finish second swing wave ((b)) towards 87.9 – 88.15 area before turning lower in the third swing wave ((c)). If the pair breaks below 87.33, then the pair has resumed lower in wave ((c)) to continue the correction to the rally from 4/18 low. We don’t like selling the proposed pullback and expect buyers to appear after wave ((c)) of X correction is over in 3, 7, or 11 swing as far as 83.07 pivot stays intact.
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