Revised short term Elliott Wave cycle suggests rally to 20060 ended wave ((X)). From this level, Index has turned lower in wave W with internal as a zigzag structure where wave ((a)) ended at 19395, wave ((b)) ended at 19840, and wave ((c)) lower is in progress as 5 waves. Near term, wave ((c)) of W is expected to complete at 19013 – 19170 area, then Index should bounce in wave X, ideally correcting 50 – 61.8 back of the decline from wave ((X)) high at 20066, before the decline resumes again.
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