Decline to 1.8977 completed wave B. Rally from this level is unfolding in the form of 5 waves diagonal to complete wave ((W)) flat, where wave 1 ended at 1.9768 and wave 2 ended at 1.9281. Wave 3 is currently in progress and taking the form of a double corrective structure (w)-(x)-(y). Wave (w) completed at 1.991, and the pair is likely in wave (x) pullback now ideally towards 1.979 – 1.9813 before turning higher to complete wave 3. We don’t like selling the proposed wave (x) pullback. Once wave 3 is complete, the pair should turn lower in wave 4 and make another push higher in wave 5 towards 2.007 – 2.0258 area to complete wave ((W)) flat.
As far as 1.9281 pivot stays intact, the pair is expected to continue higher to complete the 5 waves diagonal. Expect to see wave ((W)) flat to complete in 2.007 – 2.0258 area and some profit taking from this area to correct the pair in wave ((X)) for at least 3 waves lower per Elliott Wave hedging idea.
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