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 double correction. The first leg of the decline wave (a) ended at 1.4374, wave (b) bounce ended at 1.455, and pair has resumed lower in wave (c) of (y). Near term, wave x bounce is in progress towards 1.438 – 1.44 area, and as far as wave (x) pivot at 1.467 stays intact, pair is expected to resume the extension lower towards 1.41 – 1.42 to complete wave (y). We don’t like buying the proposed wave x bounce.
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