Short term Elliottwave structure suggests that dip to 107.73 ended wave X. Rally from there is unfolding as a double three structure where wave ((w)) flat ended at 109.48, wave ((x)) pullback ended at 108.74, and pair has resumed the rally higher in wave ((y)) of Y towards 110.5 – 110.9 area. Near term, while wave (x) pullback stays above 108.74, expect the pair to resume higher again towards 110.5 – 110.9 area and end the cycle from 4/18 low. We don’t like selling the proposed pullback in wave (x) and expect buyers to appear once wave (x) pullback is complete in 3, 7, or 11 swing at 109.01 – 109.32 area (50 – 76.4 retracement) as far as 108.74 pivot stays intact.
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