Decline to 89.15 completed wave (W). Pair has since bounced in wave (X) from this level, and the bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 91.79, wave X ended at 90.46, and wave Y is in progress towards 93.08 – 95.24 area to complete wave (X).
We don’t like buying the proposed wave (X) bounce. As far as 97.26 pivot remains intact during the bounce, we expect the pair to extend another leg lower from 93.08 – 95.24 area or pullback in 3 waves at minimum per Elliott Wave hedging idea.
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