Short term Elliottwave structure suggests that wave W rally from 4/7 low (107.66) is unfolding as a flat where wave ((a)) ended at 108.99, wave ((b)) ended at 107.6, and wave ((c)) is in progress with internals as 5 waves. Wave (v) of ((c)) is currently in progress towards 109.94 – 110.34 area and this should complete wave W. Afterwards, a larger pullback in wave X should take place to correct the rally from 4/7 low before the pair resumes higher again. As far as 107.66 pivot stays intact during wave X pullback, expect the pair to extend higher in wave Y.
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