Best reading of the cycle suggests that rally to 2.057 ended wave X. From this level, the pair resumed the decline in wave ((w)) as a double three structure wxy where wave w ended at 2.0168, wave x ended at 2.04, and wave y of ((w)) is in progress towards 1.97 – 1.979 area. Once wave ((w)) is complete, the pair is expected to bounce in wave ((x)) in 3, 7, or 11 swing to correct the decline from 2.04 before turning lower again. As far as 2.04 pivot stays intact during the bounce, expect the pair to resume the decline again to new low. We don’t like buying the proposed bounce in wave ((x)).
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