Since our last two updates, the Index has made a new high above wave (w) at 18205.33, and preferred Elliott Wave view suggests the Index should continue higher towards 18343.51 – 18484.24 equal leg area to complete wave (y) of W. We expect sellers to appear from the above area for at least 3 waves lower per Elliott Wave Hedging idea. We don’t like selling the proposed pullback, and readers of our Chart of The Day who still hold long position from wave (x) pullback per our previous Chart of The Day should take profit at the area above.
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