Short term Elliottwave structure suggests wave “b” is proposed over at 18173.54. Decline from there is unfolding as a double three structure where wave (W) ended at 17580.38 and wave (X) bounce ended at 17934.61. Near term, while wave (x) bounce stays below 17934.61, and more importantly as far as pivot at 18173.54 stays intact, expect the Index to resume the decline lower. We don’t like buying the proposed bounce and expect wave (x) correction to fail below 17934.61 in the first degree for another extension lower.
If pivot at 17934.61 high gives up during the bounce, then Index would do a double correction in wave (X) and could retest 18173.54 high before making a turn lower.
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