Preferred Elliott Wave suggests move up from 2/15 (118.09) low is taking the form of a (( w )) – (( x )) – (( y )) also known as a double three Elliott wave structure. 120.37 is equal legs of (( w )) – (( x )), pair is getting close to this level but we think this level can be exceeded for a test of 120.79 – 120.96 area to end the cycle from 2/15 low. After that we pair to pull back in wave X and turn higher again. We don’t like selling the pair and expect X wave pull back to find buyers in the dips in 3, 7 or 11 swings as far as pivot at 118.09 low remains intact.
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