Short term Elliott Wave view suggests pair ended wave (4) pullback at 86.05. It has resumed higher in wave (5) and broken above previous wave (3) peak on March 18, 2021 peak. This suggests that the next leg higher in wave (5) has started. Up from wave (4), wave 1 ended at 86.82 and pullback in wave 2 ended at 86.06. Pair is forming (a nest), where wave ((i)) of 3 ended at 87.4 and wave ((ii)) of 3 ended at 86.61.
Wave ((iii)) remains in progress as an impulse in lesser degree. Up from wave ((ii)) low at 86.61, wave (i) ended at 87.64 and pullback in wave (ii) ended at 87.2. Pair then resumed higher in wave (iii) towards 88.24, and pullback in wave (iv) ended at 87.8. Expect wave (v) of ((iii)) to end soon, then it should pullback in wave ((iv)) before the rally resumes. Wave ((iv)) pullback should ideally retrace wave ((iii)) around 23.6 – 38.2% Fibonacci retracement. As far as March 23 pivot low at 86.05 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.
