Elliott Wave View: USDSEK Impulsive Rally Should Extend

Short Term Elliott Wave view suggests cycle from December 6, 2021 high has ended with wave (4) at 8.896. Internal subdivision of wave (4) unfolded as  a Flat Elliott Wave structure. Down from December 6 high, wave A ended at 9.0025 and rally in wave B ended at 9.1494. Pair then extended lower in wave C towards 8.896. We can see in the 45 minutes chart below the internal of wave C subdivided as a 5 waves impulse. Down from wave B, wave ((i)) ended at 9.0613 and rally in wave ((ii)) ended at 9.1037. Pair then extended lower in wave ((iii)) to 8.9025, wave ((iv)) ended at 8.941, and wave ((v)) ended at 8.8961. This completed wave C and (4) in higher degree.

Pair has turned higher in wave (5). However, it still needs to break above December 6, 2021 high (9.1859) to rule out a double correction. Up from wave (4), wave (i) ended at 8.939 and pullback in wave (ii) ended at 8.903. Pair then extended higher in wave (iii) towards 9.036, and pullback in wave (iv) ended at 9.0153. Final leg higher wave (v) ended at 9.0429 and this completed wave ((i)) in higher degree. Near term, wave ((ii)) pullback is in progress to correct cycle from January 13, 2022 low before the rally resumes. As far as pivot at 8.8961 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.