Preferred Elliott Wave view suggests pair ended wave W at 1.9235, wave X bounce is in progress and taking the form of a (( w )) – (( x )) – (( y )) Elliottwave structure. Wave (( w )) ended at 1.9772, wave (( x )) at 1.9323 and wave (( y )) is in progress as a FLAT. Equal legs – 1.236 ext area of (( w )) – (( x )) lies between 1.9865 – 1.9992 where we expect wave X to finish and pair to resume the decline for new lows as far as price stays below 1.618 ext of (( w )) – (( x )) at 2.0192. Key pivot on the upside is 12/9 (2.0540) high and should also remain intact in our system for new lows to be seen. As market moves in sequence of 3, 7 & 11 swings, we expect to get a reaction lower at least in 3 waves from above area.
Click here to watch this analysis in video format
We do Elliott Wave Analysis of 26 instruments in 4 time frames (Weekly, Daily, 4 Hour and 1 Hour) with 1 hour charts updated 4 times a day so clients are always in loop for the next move. Please feel free to come visit around the website and click Here to Start your 14 day Trial (No commitments, Cancel Anytime)
