Preferred Elliott Wave view suggests pair formed a secondary peak @ 181.03 and bounces are now expected to hold below this high for continuation lower. Decline from 181.03 peak is taking the form of a double three or ((w))-((x))-((y)) Elliott Wave structure when pair is currently in final leg of wave ((y)). Area between 177.65 - 177.07 is expected to complete the double three structure from 181.03 high resulting in a 3 wave bounce in wave X and lower again.
A break below 177.14 would add more conviction to this view. As there is a red arrow on the chart so we are not interested in buying the pair in proposed X wave bounce and expect it to fail in 3, 7 or 11 swings for more downside provided the pivot at 181.03 high remains intact. If pivot at 181.03 high gives up during the bounce, then we could see a double correction in wave ((X)) before the pair turned lower again.
If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.
