Short term Elliott wave count suggests that rally to 79.13 ended wave X. Decline from there is unfolding as a double three where wave ((w)) ended at 75.95 and wave ((x)) bounce is in progress as a double three towards 77.77 – 78.15 area before the decline resumes. As far as pivot at 79.16 stays intact in the bounce, expect the pair to extend lower towards 73.6 – 74.35 area. We don’t like buying the proposed bounce.
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