Best reading of the cycle in the short term suggests decline to 1.454 ended wave ((w)). Wave ((x)) bounce is unfolding as a double three structure where wave (w) ended at 1.476, wave (x) ended at 1.461, and wave (y) of ((x)) is proposed complete at 1.49. Near term, wave (w) low is proposed complete at 1.46 as a FLAT, and wave (x) bounce is in progress towards 1.475 - 1.478 area before turning lower. While wave (x) bounce fails below 1.49, or more importantly as far as pivot at 1.516 stays intact, the pair is expected to resume the decline lower. We don't like buying the proposed wave (x) bounce.
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.