Best reading of the cycle suggests that rally to 2.057 ended wave X. From this level, the pair resumed the decline in wave ((w)) as a double three structure wxy where wave w ended at 2.0168, wave x ended at 2.04, and wave y of ((w)) completed at 1.98. Wave ((x)) bounce is currently in progress to correct the decline from 2.04. Internal of this bounce suggests a double three structure (w)-(x)-(y) where wave (w) ended at 1.9946, wave (x) ended at 1.983, and pair is already in the inflection area where wave (y) of ((x)) can complete although a marginal high still can’t be ruled out. Once wave ((x)) is complete, the pair is expected to resume the decline either to new low or at least in 3 waves pullback. We don’t like buying the proposed bounce in wave ((x)). As far as 2.04 pivot stays intact during the bounce, expect the pair to resume the decline again to new low.
At EWF we offer 24 hour coverage of 42 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer! We are currently also running 30% promotion on Platinum Plan, valid for new members only.
Back