Short term Elliottwave structure suggests wave C rally from 2/10 low is unfolding as 5 waves where wave ((i)) ended at 5047.1, wave ((ii)) ended at 4905.5, and wave ((iii)) ended at 5245. Wave ((iv)) FLAT can be called complete at 5147.4 although a marginal low at this stage still can’t be ruled out. While pivot at wave ((ii)) low at 4905.4 stays intact, Index still has scope to extend one more leg higher in wave ((v)) towards 5300 area to finish wave (X) and end the cycle from 2/10 low. Once wave ((v)) is complete, Index should at least pullback in 3 waves to correct the rally from 2/10 low. We don’t like buying the proposed bounce and expect wave ((v)) rally to fail below 10/26 peak at 5423.3 for at least 3 waves pullback.
At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offerBack