Decline to 1.95991 completed wave X. From this level, the pair rallied in wave (w) in the form of a double correction w-x-y where wave w ended at 2.004, wave x ended at 1.9822, and wave y of (w) ended at 2.00707. The pair then pullback in wave (x) also in the form of a double correction w-x-y where wave w ended at 1.9915 and wave x ended at 2.0017. In yesterday’s Chart of The Day 6.9.2015, we said wave (x) pullback is in progress towards 1.9821 – 1.9858 area and the pair should turn higher to complete wave ((w)) towards 2.02664 – 2.03709 after wave (x) pullback is complete.
Current Elliott Wave view suggests wave (x) pullback is complete at 1.9853 at the level we anticipated, and the rally has resumed as expected. Wave a rally from 1.9853 is in 5 waves and should be complete soon, to be followed by wave b pullback ideally towards 1.9925 – 1.996 area before resuming higher again. As the arrow is green and trend is up, we don’t like selling wave b pullback. Expect the pair to turn higher again towards 2.02664 – 2.03709 to complete wave ((w)) after wave b pullback is complete in 3, 7, or 11 swing, provided that 1.9599 pivot stays intact. Ideally 1.9853 also holds in the wave b pullback.
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