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 and wave X ended at 90.98. As far as 90.98 holds and more importantly 89.14 holds, pair has a scope towards 94.26 – 95.04 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 94.26 – 95.04 area or at least pullback in 3 waves per Elliott Wave hedging idea.
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