Short term reading of the Elliott Wave cycle suggests decline to 0.705 ended wave (W) and bounce to 0.7197 ended wave (X). From this level, pair has resumed the decline lower in a double three structure where wave W ended at 0.7038, wave X ended at 0.711, and wave Y is in progress. Internal of wave Y is unfolding as a double three structure where wave ((w)) is expected to complete at 0.698 – 0.7012. Once wave ((w)) is complete, the pair should bounce in wave ((x)) before turning lower again. We don’t like buying the proposed wave ((x)) bounce. As far as 0.711 pivot stays intact during wave ((x)) bounce, pair is expected to resume lower towards 0.691 – 0.695 area to complete wave ((y)) of Y.
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