Decline to 89.15 completed wave (W). Pair has since bounced in wave (X) from this level, and the bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 91.79, wave X ended at 90.46, and wave Y is in progress towards 93.12 – 93.75 area to complete wave (X).
The internal of wave Y is further subdivided in a double corrective structure ((w))-((x))-((y)) where wave ((w)) is expected to complete at 92.1 – 92.5, then it should pullback in wave ((x)) before resuming higher towards 93.12 – 93.75 to complete wave (X). We don’t like buying the proposed wave (X) bounce. Expect the pair to turn lower from 93.12 – 93.75 area in 3 waves at minimum per Elliott Wave hedging idea, with a chance to extend the move to below 89.14.
At EWF we offer 24 hour coverage of 42 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Click for Free 14 day Trial