Decline to 89.19 completed wave (W), and pair has since bounced in wave (X) from this level. Short term Elliott Wave view suggests wave (X) bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 92.43, and wave X is in progress towards 90.44 – 90.83. Once wave X is complete, the pair has a scope to turn one more leg higher in wave Y towards 92.9 – 93.88 to complete wave (X) bounce as far as 89.19 pivot stays intact. We don’t like buying the proposed wave Y bounce.
We expect the pair to extend another leg to a new low from 92.9 – 93.88 area once wave (X) bounce is complete or at least pullback in 3 waves per Elliott Wave hedging idea.
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