Short term Elliottwave structure suggests cycle from 5/12 peak (85.48) is unfolding as a flat where wave A ended at 82.88 and wave B ended at 85.51. Wave C is in progress as 5 waves where wave 1 of C ended at 82.65, wave 2 of C ended at 84.57, wave 3 of C ended at 79.3 and wave 4 of C is proposed over at 81.24. While bounces now stay below wave 4 of C at 81.24, expect pair to resume lower in wave 5 of C towards 77.34 – 78.89 area to finish a flat structure from 5/12 peak. If pair breaks above 81.24, then it’s still in wave 4 of C correction and should see extension higher to correct the decline from wave 2 of C at 84.57 before pair turns lower. We don’t like buying the pair and expect continuation lower against 81.24 in the first degree, and against wave 2 at 84.57 in the second degree.
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