Short term Elliott Wave cycle suggests rally from wave (X) low at 1.38 is unfolding in a double three structure where wave W ended at 1.417, wave X FLAT ended at 1.406, and pair has resumed higher in wave Y towards 1.44 area. Near term, rally to 1.423 ended wave (a), and pair is in wave (b) pullback towards an ideal target of 1.413 – 1.415 area before turning higher again. We don’t like selling the proposed pullback. As far as 1.406 pivot stays intact in the pullback, expect buyers to come from 1.413 – 1.415 area, and the pair to resume to new high.
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