Best reading of Elliott wave cycle suggests decline to 2.078 ended wave (X). From this level, pair is rallying higher in wave W in double three structure where wave ((w)) ended at 2.13, wave ((x)) ended at 2.102, and wave ((y)) of W is proposed complete at 2.1487. Near term, as 2.1487 level holds, pair is expected to pullback in wave ((w)) towards 2.1056 – 2.1139 area, then it should bounce in wave ((x)) before turning lower one more leg towards 2.10 area to complete wave X pullback. While 2.0788 pivot stays intact during wave X pullback, expect the pair to find buyers and resume rally higher or at least bounce in 3 waves per Elliott Wave hedging idea. We don’t like selling the proposed pullback.
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