Rally to 17.77 completed wave W, and short term Elliott Wave view suggests wave X pullback is unfolding in the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 16.565, wave ((x)) ended at 17.178, and wave ((y)) is currently in progress.
Internal of wave ((y)) is taking the form of a double correction (w)-(x)-(y) and wave (w) is expected to complete at 16.22 – 16.41, then it should bounce in wave (x) to correct the decline from 17.178 before another leg lower. We don’t like buying the proposed bounce in wave (x) and as far as 17.178 level holds, the metal is expected to extend lower after wave (x) bounce is complete in 3, 7, or 11 swing.
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