Short term Elliott Wave count suggests that rally to 0.773 ended wave X. Decline from there is unfolding as a double three where wave ((w)) ended at 0.7489 and wave ((x)) ended at 0.7568. Down from there, wave (w) ended at 0.7438 and while wave (x) bounce fails below 0.7568, expect the pair to extend lower towards as low as 0.727 – 0.7326 area to end cycle from 9/8 peak. We don’t like buying the proposed bounce.
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