Rally to 141.05 completed wave (W). Since our last update yesterday, there has been no material change yet. Wave Y 0f (X) pullback is still in progress towards 136.86 – 137.6. The internal of wave Y is unfolding in a double corrective structure ((w))-((x))-((y)) where wave ((w)) ended at 138.2 and wave ((x)) bounce is likely still in progress and may reach as high as 139.4 – 139.7 before turning lower to complete wave (X) towards 136.86 – 137.6.
We don’t like buying wave ((x)) bounce nor selling the proposed wave (X) pullback. From 136.86 – 137.6 area, expect the pair to resume either to new high or at minimum 3 waves bounce to correct the decline from 141.05 per Elliott Wave hedging idea.
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