Decline to 89.15 completed wave (W), and pair has since bounced in wave (X) from this level. Revised Elliott Wave view suggests the 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 90.4 – 90.78 before turning higher one more leg in wave Y 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 at least pullback in 3 waves per Elliott Wave hedging idea.
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