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.
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