Decline to 89.14 completed wave (W), and pair has since bounced in wave (X) from this level. Short term Elliott Wave view suggests wave (X) bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 92.43, wave X ended at 90.98, and wave Y is in progress towards 93.18 – 94.13 area to complete wave (X).
We don’t like buying the proposed wave (X) bounce. As far as 97.3 pivot remains intact during the bounce, we expect the pair to extend another leg lower from 93.18 – 94.13 area or at least pullback in 3 waves per Elliott Wave hedging idea.
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