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The longer Movistar leave it, the less their tactical options. Valverde lost more time yesterday and, with a Giro already in his legs, is unlikely to get stronger as the race goes on. Which means that if Movistar send him up the road in an attempt to get Sky to commit, then Sky can just hold him at a steady gap, rather than burning up riders to try and get him back. None of their other riders are any threat on GC, so that's their only alternative tactical option.
From the comfort of my armchair, I think Movistar believe that Quintana will be stronger than Froome in the final week and will be able to gain enough of an advantage in the Alps to move into yellow.
If Movistar are thinking this way and are confident of implementing it will make for interesting last week. Rather than fighting fire with fire, let Sky protect for a week then pick a battle ground and commit all resources to an all out attack sending rider after rider up the road.
In a way it neutralises the scorched earth approach assuming you have a team equal to the task when you finally play your hand.