Short term Elliottwave structure suggests that the cycle from 5/6 low has ended with wave (X) at 85.5. Decline from there is taking the form of a zigzag. Wave ((a)) of the zigzag is currently in progress as 5 waves diagonal where wave (i) ended at 84.13, wave (ii) ended at 84.85, wave (iii) ended at 83.28 and wave (iv) ended at 83.87. While pair remains below wave (iv) at 83.87, pair has scope to extend lower in wave (v) of ((a)) to as low as 82.17 – 82.5 area where wave (v) = wave (i). Afterwards, a larger 3 waves bounce in wave ((b)) is expected to correct the decline from 5/31 wave (X) peak before pair turns lower again. We don’t like buying the proposed wave ((b)) bounce.

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