Decline to 89.14 completed wave (W), and pair has since bounced in wave (X) from this level. Short term Elliott Wave view suggests wave (X) bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 92.43, wave X ended at 90.98, and wave Y is in progress towards 93.18 - 94.13 area to complete wave (X).
We don't like buying the proposed wave (X) bounce. As far as 97.3 pivot remains intact during the bounce, we expect the pair to extend another leg lower from 93.18 - 94.13 area or at least pullback in 3 waves per Elliott Wave hedging idea.
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.
