The decline to 1.5169 completed wave ((X)). A rally from this level is unfolding in a triple correction ((w))-((x))-((y))-((z)) where wave ((w)) ended at 1.544, wave ((x)) ended at 1.5189, wave ((y)) ended at 1.5554, and second wave ((x)) ended at 1.5419. From the second wave ((x)) low at 1.5419, the pair rallies in wave ((z)) as a double correction (w)-(x)-(y) where wave (w) ended at 1.5598, wave (x) ended at 1.5484, and wave (y) is in progress towards 1.5689 – 1.5754 area to complete wave W.
Expect some profit taking from the 1.5689 – 1.5754 area and the pair to pull back in wave X in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. We don’t like selling the proposed pullback in wave X. As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.
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.