Today we wait for the Fed's decision on the interest rate. Plus, the crude oil inventories, which will be released at 15:30 UTC. All these important events can finally strengthen the bulls to complete the formation of wave XX.
According to the Elliott theory, we see a global corrective trend that is moving in a downward direction. Perhaps this trend is taking the form of a triple zigzag W-X-Y-XX-Z.
On the 4-hour timeframe, we see that the decline in the current wave Y was completed, followed by the rise of the market in wave XX.
The internal structure of wave XX hints at a double zigzag [W]-[X]-[Y], where the link wave [X] is an inclined triangle. Now a bullish actionary wave [Y] is under development, which can be a standard zigzag (A)-(B)-(C).
The final impulse wave (C) is needed to complete the above zigzag. (There is a possibility that wave (C) will take the form of a finite diagonal).
The cost of quotes may rise to the level of 1.1600. At this level, the size of wave XX will be 38.2% on Fibonacci lines from wave Y.
Buy 1.1277, Take profit 1.1600.