Revised short term Elliott Wave cycle suggests cycle from 12/18 peak has ended with with (Y) at 115.96. From this level, pair has bounced in 3 swings so far. Wave W is expected to complete at 117.96 – 118.32 area, then it should pullback in wave X before potentially another leg higher to finish wave (X) for a total of 15 swings. Once wave (X) is complete later, pair should resume the decline either to new low or at least 3 waves pullback. We don’t like buying the proposed bounce.
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