The rally from the low of 2.1.2024 appears to be in progress, showing a five-wave impulse Elliott Wave structure. This suggests that the market is currently in an upward trend. In this article, we will analyze the wave patterns and discuss the potential future movements of the market.
Wave (i) and (ii)
After the 2.1.2024 low, the pair experienced an upward movement, with wave (i) ending at 159.14. This was followed by a pullback in wave (ii), which concluded at 158.31.
Wave (iii) and (iv)
Continuing its upward trajectory, the pair surged higher in wave (iii), reaching 159.92. A subsequent dip in wave (iv) came to an end at 159.36.
Wave (v) and ((i))
The pair then rallied in wave (v), peaking at 160.26, thereby completing wave ((i)).
Wave ((ii))
Following the completion of wave ((i)), there was a pullback in the form of a zigzag structure, denoted as wave ((ii)). The internal subdivision of wave ((ii)) consisted of wave (a) ending at 159.32, wave (b) ending at 159.86, and wave (c) ending at 158.89.
Wave ((iii)) and (iv)
After wave ((ii)), the pair resumed its upward movement in wave ((iii)), with wave (i) ending at 159.73. A pullback in wave (ii) ensued, concluding at 159.04. The market then surged once again in wave (iii), reaching a high of 160.99. Another pullback in wave (iv) ended at 160.75.
Wave ((v))
The final leg of the Elliott Wave structure, wave (v), ended at 161.26, marking the completion of wave ((iii)). Subsequently, a dip in wave ((iv)) came to an end at 160.36.
Current Wave ((v)) and Wave 2
The current wave in progress is wave ((v)). Thus far, wave (i) ended at 161.63, followed by a dip in wave (ii) concluding at 160.9. Wave (iii) then concluded at 161.64, and wave (iv) experienced a pullback, ending at 161.32. It is expected that wave (v) will soon finish, completing wave ((v)) of 1 in higher degree.
After the completion of wave ((v)), the pair is anticipated to undergo a pullback in wave 2, correcting the cycle that began from the low of 2.1.2024. This correction is expected to occur in a 3, 7, 11 swing pattern before the market resumes its upward movement.
Based on the analysis of the Elliott Wave structure, the pair is currently in a bullish trend, with the rally from the 2.1.2024 low displaying a five-wave impulse pattern. While a pullback in wave 2 is expected in the near term, support is likely to be found in the 3, 7, 11 swing for further upside. It is important to monitor the market closely to confirm these expectations and adjust trading strategies accordingly.
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