Daud Bhatti
ElliottWave-Forecast.com
Short term reading of the Elliott Wave cycle suggests decline to 0.705 ended wave (W) and bounce to 0.7197 ended wave (X). From this level, pair has resumed the decline lower in a double three structure where wave W ended at 0.7038, wave X ended at 0.711, and wave Y is in progress. Internal of wave Y is unfolding as a triple three structure where wave (w) ended at 0.702, wave (x) ended at 0.708, wave (y) ended at 0.6983, second wave (x) ended at 0.702, and wave (z) is currently in progress. As far as 0.711 pivot stays intact, pair still has a scope to resume lower towards 0.6913 – 0.695 area to complete wave Y of “b” before turning higher.
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