Best reading of the Elliott Wave cycle suggests decline to 85.41 ended wave (4). From this level, pair has resumed rally in wave (5) as a double three structure where wave W ended at 87.58, and wave X pullback is currently in progress towards 85.75 – 86.04 area. As far as 85.41 pivot stays intact during the pullback, the pair is expected to resume higher again to complete wave 5 towards 89 area. A break below 85.41 suggests the pair is doing a double correction from 10/12 peak and may open extension lower towards 83.65 – 84.4 area.
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