Best reading of the cycle in the short term suggests decline to 1.454 ended wave ((w)). Wave ((x)) bounce is unfolding as a double three structure where wave (w) ended at 1.476, wave (x) ended at 1.461, and wave (y) of ((x)) is in progress towards 1.483 – 1.488 area before the pair turns either in 3 waves lower or new low. We don’t like buying the proposed push higher. As far as 1.516 pivot stays intact during the bounce, expect the pair to resume the decline lower.
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