Short term Elliottwave structure suggests that dip to 80.66 ended wave (X). Rally from there ended wave ((w)) flat at 84.77, wave ((x)) pullback ended at 82.09, and pair has resumed the rally higher in wave ((y)) of (Y) towards 86.13 – 87.1 area. Near term, there’s enough number of swing to call wave (w) complete, although a marginal high still can’t be completely ruled out. Pair is expected to pullback soon in wave (x) to correct the rally from 4/18 wave ((x)) low before the rally resumes. We don’t like selling the proposed pullback in wave (x) and expect more extension higher once wave (x) is complete in 3, 7, or 11 swing while the pullback stays above 82.09, and more importantly as far as 80.66 pivot stays intact.
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