Short term Elliottwave structure suggests cycle from 2/29 low ended with wave ((w)) at 0.682. Wave ((x)) pullback is proposed to be unfolding as a triangle where wave (a) is expected to complete at 0.6689 – 0.6707 area, then it should turn higher in wave (b) and continue triangle consolidation. Once wave ((x)) triangle is complete, then the pair should extend higher in another leg. We don’t like selling the proposed pullback and expect buyers to appear from the above area for at least a 3 waves bounce as far as 0.656 pivot stays intact.
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