EURAUD Short Term Elliott Wave Update 10.28.2015

Revised short term Elliott wave view suggests decline to 1.515 ended wave (X)) and pair has resumed the rally. Wave ((w)) is unfolding in a double three structure where wave (w) ended at 1.5378, wave (x) ended at 1.532, and wave (y) is in progress towards 1.5532 – 1.5582 before a 3 waves pullback. Near term, pair is expected to pullback in wave b ideally towards 1.539 – 1.541 area before higher again. We don’t like selling the proposed pullback. As far as 1.5165 pivot stays intact, pair is expected to continue higher near term towards 1.553 – 1.558 to complete wave ((w)).

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