Preferred Elliott Wave view suggests pair has ended a cycle from 1.9237 low as a triple three structure at 2.0935. We have labelled this wave “W” and a pull back in wave “X” is now in progress as a double three Elliott wave structure or a (( w )) – (( x)) – (( y )) structure. 3 wave drop to 2.035 completed wave (( w )) and recovery to 2.081 was wave (( x )). Pair has reached 0.618 ext of (( w )) – (( x )), as wave (x) bounce holds below 2.081 high, expect another push lower toward 2.023 – 2.0091 area to complete wave X. Rally should then resume for new highs or we should get a 3 wave bounce at minimum. We don’t like selling the pair & favour the long side in 7 or 11 swings as far as pivot at 1.9237 low remains intact.
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