Short term Elliottwave structure suggests that cycle from 4/7 low (81.7) remains alive as a triple three where wave W ended at 85.7 on 4/13, wave X ended at 83.07 on 4/18, wave Y ended at 88.37 on 4/25, and 2nd wave X pullback is proposed complete at 87.28 on 4/26. Near term, while dips stay above 87.28, pair is favored to resume higher again in wave (c) of Z towards final target as high as 90.4 to end the cycle from 4/7 low at least. We don’t like selling the proposed pullback in the pair and expect buyers to appear after wave (b) pullback is complete in 3, 7, or 11 swing as far as 87.28 pivot stays intact.
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