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 ended at 1.406, and pair has resumed higher in wave Y towards 1.44 area. Near term, rally to 1.431 ended wave ((w)), wave ((x)) pullback is proposed complete at 1.418, and pair has resumed rally higher. While above 1.418, but more importantly as far as 1.406 pivot stays intact, expect the pair to resume rally towards 1.441 – 1.45 area.
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