Short term Elliottwave structure suggests wave ((X)) bounce ended at 87.06. Down from this level pair is showing 5 swings down and hence an incomplete sequence, therefore, we like the idea of bounces to fail below 83.68 high for another extension lower. Ideal target on the downside would be 78.54 – 77.32 but we would look for at least 1 more swing to the downside once wave ((x)) bounce is over which should ideally fail below the descending trend line but more importantly stay below 83.68 high. We don’t like buying the pair in proposed wave ((x)) bounce.
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