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 unfolded as a double three structure ((w))-((x))-((y)) where wave ((w)) ended at 1.33, wave ((x)) ended at 1.317, and wave ((y)) of W ended at 1.341. Wave X pullback is currently in progress as a double correction with a target of 1.319 – 1.322 before the rally resumes to new high. We don’t like selling the proposed wave X pullback. 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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