Short Term Elliott wave cycles suggests that decline to 16140 ended wave (X). Rally from there is unfolding as double three where wave W ended at 17635 and wave X ended at 17291. Near term focus is on 18207 – 18427 area to complete wave ((w)), then it should pullback in wave ((x)) in 3, 7, or 11 swing to correct cycle from 11/11 low (17291) before turning higher again. We don’t like selling the proposed pullback and expect dips to be supported in 3, 7, or 11 swing as far as pivot at 11/11 low (17291) remains intact in the first degree.
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