Preferred Elliottwave view suggests drop from 0.8130 to 0.7956 was a WXY structure and complete wave A. Wave B is also taking the form of a 7 swing or WXY structure when rally to 0.8025 completed wave (( w )) , dip to 0.7965 completed wave (( x )) and wave (( y )) is now in progress. Closer look at wave (( y )) suggests we can sub-divided wave (( y )) also in 7 swings which is expected to terminate in 50 – 61.8 fib retracement zone (0.8043 – 0.8064) of wave A. Another level of interest (not shown) on the chart is the equal legs related to (( w )) – (( x )) which is where the price is right now (0.8034). If 61.8 fib retrcement level (0.8064) is exceeded, then keep your eyes on 1.618 x (( w )) ext at 0.8078. From the orange area, we expect the pair to resume the decline for new lows below 0.7956 or at least turn lower in 3 waves.
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