Preferred Elliott Wave view suggests pair ended wave W at 1.9235, wave X bounce is in progress and taking the form of a (( w )) – (( x )) – (( y )) Elliottwave structure. Wave (( w )) ended at 1.9772, wave (( x )) at 1.9323 and wave (( y )) is in progress as a FLAT. Equal legs – 1.236 ext area of (( w )) – (( x )) lies between 1.9865 – 1.9992 where we expect wave X to finish and pair to resume the decline for new lows as far as price stays below 1.618 ext of (( w )) – (( x )) at 2.0192. Key pivot on the upside is 12/9 (2.0540) high and should also remain intact in our system for new lows to be seen. As market moves in sequence of 3, 7 & 11 swings, we expect to get a reaction lower at least in 3 waves from above area.
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