Decline from wave ((X)) at 2.21 unfolded in a double three structure WXY where wave W ended at 2.167, wave X ended at 2.193, and wave Y of (W) ended at 2.151. Wave (X) bounce is currently in progress and may reach as high as 2.181 – 2.194 (50 – 61.8 back from 2.21) before turning lower. We don’t like buying the proposed wave (X) bounce. As far as 2.21 pivot stays intact during wave (X) bounce, expect the pair to fail from 2.181 – 2.194 area and turn lower at least in 3 waves per Elliott Wave hedging idea.
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