Current short term Elliott wave view suggests rally from 1.5169 is unfolding in a double correction structure W-X-Y where wave W ended at 1.5554 and wave X ended at 1.5419. Wave Y is in progress and unfolding as a triple correction structure ((w))-((x))-((y))-((x))-((z)) where wave ((w)) ended at 1.56, wave ((x)) ended at 1.5484, wave ((y)) ended at 1.5756, second wave ((x)) ended at 1.5675, and wave ((z)) is in progress towards 1.5937 – 1.612 to complete wave (W).
Expect some profit taking from 1.5937 – 1.612 area and the pair to pullback in wave (X) in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. Alternative view suggests wave (W) is already complete at the last high 1.593 and the pair is already in wave (X) pullback. We don’t like selling the proposed pullback in wave (X). As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.
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