Bottom line, here is my analysis: OK, the move lower in early NY trading has finally made the technical backdrop much clearer and I can now actually employ a wave count that fits within the parameters of Elliott Wave analysis. Currently prices are a bit extended (oversold) but I am hoping to see prices bounce into the 105.50/90 area where I would expect the downward trend will continue. [U]Bear in mind, we may not a get a bounce higher and while that would be frustrating, chasing an entry at this point would force you to have rather wide stops (100 pips).[/U] (full story)