Index has broken below 19348 low which means we are still in wave ((X)) pull back which is taking the form of a double three i.e. (W)-(X)-(Y) Elliott wave structure. Wave (W) ended at 19665, wave (X) took the form of a FLAT (3-3-5 structure) and completed at 19820. Wave (Y) low is now in progress and ideally expected to test 19192 – 19043 area to complete wave ((X)). In the above area, we expect to see buyers in the Index and a 3 wave reaction higher at least as per Elliott Wave hedging idea. We don’t like selling the Index in proposed push lower.
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