Revised short term Elliottwave structure suggests decline to 125.74 ended wave W. Up from this level, wave X bounce is unfolding in a double three structure where wave ((w)) ended at 128.17, wave ((x)) ended at 126.59 and wave ((y)) of X is in progress. Short term, while pair stays above 126.59, and more importantly above 125.74, expect more upside towards 129 – 129.57 area to complete wave ((y)) of X. We don’t like buying the proposed bounce and expect sellers to appear from the above area for at least 3 waves pullback if not continuation lower.
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