Short term Elliott wave view suggests decline to 2.078 ended wave W. From this level, pair is rallying higher in wave ((W)) in double three structure where wave (W) ended at 2.13, wave (X) ended at 2.102, and wave (Y) of ((W)) is in progress towards 2.155 – 2.167 equal leg area before turning lower. Near term, wave X pullback is in progress towards 2.109 – 2.118 area before turning higher towards 2.155 – 2.167 to complete wave ((W)). While wave X pullback stays above wave (X) low at 2.102, but more importantly as far as 2.078 pivot stays intact, expect the pair to continue higher towards 2.155 – 2.167 area before turning lower. We don’t like selling the proposed wave X pullback.
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