Preferred Elliott wave view suggests pair completed wave “W” at 1.1673 and wave “X” is also proposed to be over at 1.1595. Cycle from 1.1594 is proposed to be over at 1.1843 which we think completed wave (( w )). Wave (( x )) pull back is in progress and is taking the form of a 7 swing Elliott wave structure also known as a (w)-(x)-(y) structure. Pair is expected to trade lower toward 1.1731 – 1.1713 area which is equal legs – 1.236 ext area of (w)-(x) and then we expect the rally to resumes for new highs above 1.1843. We don’t like selling the pair as line going down is dotted and there is a green arrow at 1.1594 low on the chart. This means we favour the long side after dips in 3, 7 or 11 swings as far as pivot at 1.1594 low remains intact.
We do Elliott Wave Analysis of 26 instruments in 4 time frames (Weekly, Daily, 4 Hour and 1 Hour) with 1 hour charts updated 4 times a day so clients are always in loop for the next move. Please feel free to come visit around the website and click Here to Start your 14 day Trial (No commitments, Cancel Anytime)
