Short term Elliott Wave view suggests decline to 1.4439 ended wave (w) and bounce to 1.4668 ended wave (x) as a FLAT. Pair has since resumed in wave (y) lower with the internals unfolding as a zigzag. The first leg of the decline wave (a) is in progress as 5 waves. From 1.4668 high, the decline so far looks to be in 3 waves and thus after wave iv bounce is complete around 1.445 – 1.447 area, pair has a chance to do another swing lower in wave v towards 1.43 area to complete wave (a). Once wave (a) is complete, pair is expected to bounce in wave (b) to correct the decline from 1.4668 before the next leg lower in wave (c). We don’t like buying the proposed bounce in wave (b). As far as 1.4668 pivot stays intact during wave (b) bounce, expect the pair to resume the decline to new low in wave (c) of (y).
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