Short Term Elliott Wave cycles suggests that decline to 76.75 ended wave (X). Rally from there is unfolding as double three where wave W ended at 82.46 and wave X ended at 80.23. Near term, pair is expected to correct the rally from 80.23 low, and correction is expected to complete at 80.9 - 81.11 area (50 - 61.8 retracement) before pair resumes higher. We don't like selling the proposed pullback and expect buyers to appear at the area above for an extension higher, provided that pullbacks stay above 80.23 in the first degree. If pair breaks below 80.23, then it's doing a double correction in wave X and opens extension lower towards 79.25 - 79.78 area before pair turns higher again.
At Elliottwave-Forecast, we offer 24 hour coverage of 52 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 we have to offer.