Short term Elliottwave view suggests the decline from wave ((X)) at 2.21 unfolded in a triple three structure WXYZ where wave W ended at 2.167, wave X ended at 2.193, wave Y ended at 2.151, second wave X ended at 2.17, and wave Z of (W) ended at 2.135. Wave (X) bounce is currently in progress as a double corrective structure WXY where wave W ended at 2.175, wave X ended at 2.146, and wave Y is in progress towards 2.186 - 2.195 to complete wave (X) before the decline resumes. As far as 2.21 pivot stays intact during the wave (X) bounce, expect the pair to fail below the level and resume the decline lower. We don't like selling the proposed push lower.
If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.
