The rally to 17.77 completed wave W, and the short-term Elliott Wave view suggests wave X pullback is unfolding in the form of a double correction ((w))-((x))-((y)), where wave ((w)) ended at 16.565, wave ((x)) ended at 17.178, and wave ((y)) is currently in progress.
The internal of wave ((y)) is taking the form of a double correction (w)-(x)-(y) and wave (w) is expected to complete at 16.22 – 16.41, then it should bounce in wave (x) to correct the decline from 17.178 before taking another leg lower. We don’t like buying the proposed bounce in wave (x) and as far as 17.178 level holds, the metal is expected to extend lower after wave (x) bounce is complete in 3, 7, or 11 swing.
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.