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)) completed at 1.98. Wave ((x)) bounce is currently in progress to correct the decline from 2.04. Internal of this bounce suggests a double three structure (w)-(x)-(y) where wave (w) ended at 1.992, wave (x) ended at 1.983, and wave (y) of ((x)) is in progress towards 1.995 – 1.998 equal leg area before the decline resumes either to new low or at least in 3 waves pullback. We don’t like buying the proposed bounce in wave ((x)). As far as 2.04 pivot stays intact during the bounce, expect the pair to resume the decline again to new low.
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