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.
At EWF we offer 24 hour coverage of 50 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer.