Preferred Elliott wave view is that dip to 2.402% completed wave ( W ) and recovery to 2.692% was a corrective wave ( X ). Decline from 2.692% high is so far in 5 swings and while below 2.601% high, we expect to see 1 more push lower toward 2.433 – 2.465% area to complete 7 swing structure (labelled A). After that yields should bounce and correct the drop from 2.692% high, this bounce can take us to 50- 61.8 fib zone of the drop from 2.692% before the decline resumes. We don’t like buying into proposed wave B bounce as we expect it to fail for 1 more push lower.
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