Decline to 1.5086 completed wave (X), and rally from this level is taking the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 1.5523 and wave ((x)) ended at 1.5351. Wave ((y)) of W is already at inflection (turning) area, so although it has met the minimum requirement for completion, a marginal high can’t be ruled out and the pair can still test as high as 1.5785 – 1.5820 to complete wave ((y)) of W. Once wave W is complete, the pair is expected to pullback in wave X, ideally correcting at least 50 – 61.8 back of the rally from wave ((x)) low at 1.5351 before resuming higher again. We don’t like selling the proposed wave X pullback. As far as 1.5086 level holds in the pullback, we expect buyers to appear after wave X pullback is complete in 3, 7, or 11 swing for continuation higher.
At EWF we offer 24 hour coverage of 41 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