Short term Elliott Wave cycle suggests cycle from 12/4 peak at 134.58 remains alive as a double three where wave (W) ended at 127 and wave (X) bounce is in progress as a triangle. Wave A of (X) in the triangle is proposed complete at 129.08, and as far bounces stay below this level, the triangle idea remains valid and pair should remain consolidating before breaking lower again at later stage.
If pair breaks above 129.08, it will invalidate the triangle structure and suggest a double correction with the next selling area of 129.6 – 130.2. If this happens, the pair is still favored to go to new low from the next selling area at 129.6 – 130.2 as far as pivot at 134.58 stays intact.
We don’t like buying any proposed bounce and expect the pair to remain sideways for the time being to complete the triangle before resuming lower again later.
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