Short term Elliottwave structure suggests decline to 78.93 at 1/20 ended wave ((W)). From this level, wave ((X)) bounce is unfolding in a double three structure where wave (W) ended at 84.12, wave (X) ended at 82.17, and wave (Y) is in progress towards 87.3 - 88.55 area to end the cycle from 1/20 low. Near term, while pullback stays above 84.84, but more importantly above 82.17, pair is expected to continue higher towards 87.3 - 88.55 area to complete wave ((X)) before it turns lower at least in 3 waves to correct the rally from 1/20 low. We don't like buying the proposed push higher.
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.
