Elliott Wave View: USDSEK Looking for Another Leg Higher
Short Term Elliott Wave View on USDSEK suggests that the pullback to 9.06 ended wave 2. Pair has turned higher in wave 3 with internal subdivision as a 5 waves impulse structure. Up from wave 2, wave (i) ended at 9.178 and pullback in wave (ii) ended at 9.075. Pair resumes higher in wave (iii) towards 9.351, pullback in wave (iv) ended at 9.237, and final wave (v) ended at 9.45. This completed wave ((i)) in higher degree.
Pullback in wave ((ii)) is currently in progress to correct rally from February 4, 2022 low before the next leg higher. Internal structure of wave ((ii)) is unfolding as a double three Elliott Wave structure. Down from wave ((i)), wave a ended at 9.345, wave b ended at 9.4195, and wave c ended at 9.278. This ended wave (w) in higher degree. Rally in wave (x) ended at 9.3427. Wave (y) lower is in progress with internal subdivision as a zigzag Elliott Wave structure. Down from wave (x), wave a ended at 9.244, and wave b ended at 9.315. Near term, as far as pullback stays above 9.06, expect pair to extend higher.
Pullback in wave ((ii)) is currently in progress to correct rally from February 4, 2022 low before the next leg higher. Internal structure of wave ((ii)) is unfolding as a double three Elliott Wave structure. Down from wave ((i)), wave a ended at 9.345, wave b ended at 9.4195, and wave c ended at 9.278. This ended wave (w) in higher degree. Rally in wave (x) ended at 9.3427. Wave (y) lower is in progress with internal subdivision as a zigzag Elliott Wave structure. Down from wave (x), wave a ended at 9.244, and wave b ended at 9.315. Near term, as far as pullback stays above 9.06, expect pair to extend higher.
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