Preferred Elliott Wave view suggests pair has ended a cycle from 1.9237 low as a triple three structure at 2.0935. We have labelled this wave “W” and a pull back in wave “X” is now in progress as a double three Elliott wave structure or a (( w )) – (( x)) – (( y )) structure. 3 wave drop to 2.035 completed wave (( w )) and recovery to 2.081 was wave (( x )). Pair has reached 0.618 ext of (( w )) – (( x )), as wave (x) bounce holds below 2.081 high, expect another push lower toward 2.023 – 2.0091 area to complete wave X. Rally should then resume for new highs or we should get a 3 wave bounce at minimum. We don’t like selling the pair & favour the long side in 7 or 11 swings as far as pivot at 1.9237 low remains intact.
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) or Get 2 months for Price of 1
