Rally to 0.7439 ended wave (X). Wave ((w)) decline from this level is unfolding in a zigzag structure where wave (a) ended at 0.73, wave (b) ended at 0.7356, and wave (c) of ((w)) is in progress as five waves and expected to complete with one more swing lower towards as low as 0.7186. The pair should then be expected to bounce in wave ((x)) to correct the decline from 0.7439 in 3, 7, or 11 swing before the next leg lower. We do not like buying the proposed wave ((x)) bounce. As far as 0.7439 pivot remains intact, expect the bounce to fail below 0.7439 for the next leg lower.
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