Short-term Elliottwave structure suggests decline from wave ((X)) at 113.8 is unfolding as a zig zag structure (5-3-5 structure) where wave (a) ended at 111.98, wave (b) ended at 112.67, and wave (c) of ((w)) is in progress as 5 waves and expected to complete at the 110.42 – 110.85 area before a bounce in wave ((x)) and lower again. As far as wave ((X)) at 113.8 pivot stays intact during the bounce, expect the pair to extend to the downside once wave ((x)) bounce is complete in 3, 7, or 11 swing. We don’t like buying the proposed bounce in wave ((x)).
