Current best reading of the Elliottwave cycle suggests wave ((W)) ended at 1.3353. Decline from this level ended at 1.3 as wave ((X)). The rally higher from 1.3 is unfolding as a double three structure ((w))-((x))-((y)) where wave ((w)) ended at 1.33, wave ((x)) ended at 1.317, and wave ((y)) is in progress towards 1.338 – 1.34 to complete wave W. Once wave W is confirmed complete, the pair is expected to pullback in wave X in 3, 7, or 11 swing ideally towards 50 – 61.8% retracement from 1.3 before the rally resumes. We don’t like selling the proposed pullback in wave X. As far as pivot at 1.3 stays intact during wave X pullback, we expect buyers to come and the pair to rally to new high.
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!
Back
