Short term Elliottwave structure suggests decline to 78.93 at 1/20 ended wave ((W)) and wave ((X)) bounce is unfolding as a double three (W)-(X)-(Y) structure where wave (W) ended at 84.1, wave (X) ended at 82.17, and wave (Y) of ((X)) ended at 87.03. Bounces are now expected to stay below 87.03 for at least another leg lower to correct the cycle from 1/20 low. We don’t like buying the proposed bounce.
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