Preferred Elliott wave count suggests that decline to 1.0384 on 8/26 ended wave X. While pair remains above the level, expect further upside to 1.0488 – 1.051 area to complete wave w before ending the cycle from 8/26 low. Afterwards, a pullback in wave x is expected to take place to correct the rally from 8/26 low (1.0384) in 3, 7, or 11 swing. While wave x pullback stays above 1.0384, pair should turn higher again.
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