Decline to 2057.41 completed wave X. Wave ((w)) rally from this level is unfolding in the form of a double correction (w)-(x)-(y), where wave (w) ended at 2113.5 and wave (x) ended at 2079.25. In our previous Chart of The Day at 5/19/2015, we said the last leg wave (y) is in progress towards 2136.43 – 2149.86 to complete wave ((w)). We also said some profit taking should be seen from this area and the Index to pullback 3 waves lower in wave ((x)) to correct the rally from 2057.41.
Since our last update, current preferred Elliottwave view suggests wave ((w)) has completed at 2134. Wave ((x)) pulllback is currently in progress to correct the rally from 2057.41 towards an ideal target area of 2086.64 – 2095.66 (50 – 61.8 back). Wave ((x)) pullback is unfolding in the form of a double correction (w)-(x)-(y), where the first leg of the pullback wave (w) is expected to complete at 2112.24 – 2115.94. Wave (x) bounce should start after wave (w) is complete to correct the decline from 2134, followed by another leg wave (y) lower towards the ideal target area of 2086.94 – 2095.66 to finish wave ((x)). We do not like selling the proposed wave ((x)) pullback. Once wave ((x)) is complete, expect buyers to come again and push the Index higher in 3 waves at minimum per Elliott Wave hedging technique.
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