More downside after bounce

Decline from wave (X) at 87.33 is unfolding as a double correction (w)-(x)-(y) where wave (w) ended at 83.61, wave (x) ended at 85.11, and wave (y) of W is in progress towards 80.55 – 81.43 before a larger bounce in wave X and then lower again.

Near term, wave (x) bounce is in progress towards 83.46 – 84.32, then it should turn lower in wave (y) of W towards 80.55 – 81.43. We don’t like buying any proposed bounce in the pair. As far as 85.11 pivot stays intact, expect wave (x) bounce to fail below this level and the pair to resume the move lower.

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