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 proposed complete at 0.6983, and the pair is in wave ((x)) bounce in 3, 7, or 11 swing 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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