Rally to 17.77 completed wave W, and short term Elliott Wave view suggests wave X pullback is unfolding in the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 16.565, wave ((x)) ended at 17.178, and wave ((y)) is currently in progress.
Internal of wave ((y)) is taking the form of a double correction (w)-(x)-(y) and wave (w) is expected to complete at 16.22 – 16.41, then it should bounce in wave (x) to correct the decline from 17.178 before another leg lower. We don’t like buying the proposed bounce in wave (x) and as far as 17.178 level holds, the metal is expected to extend lower after wave (x) bounce is complete in 3, 7, or 11 swing.
At EWF we offer 24 hour coverage of 42 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
Back
