Short term Elliottwave view suggests the decline from wave ((X)) at 2.21 unfolded in a triple three structure WXYZ where wave W ended at 2.167, wave X ended at 2.193, wave Y ended at 2.151, second wave X ended at 2.17, and wave Z of (W) ended at 2.135. Wave (X) bounce is currently in progress as a double corrective structure WXY where wave W ended at 2.175, wave X ended at 2.146, and wave Y of (X) is expected to complete at 2.182 – 2.193 before the decline resumes. As far as 2.21 pivot stays intact during the wave (X) bounce, expect the pair to fail below the level and resume the decline lower. We don’t like selling the proposed push lower.
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