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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