Short term Elliott Wave cycle suggests rally to 5420 on 10/23 ended wave “x”. From this level, Index has turned lower in wave ((W)) with the internal unfolding as a triple three structure where wave (W) ended at 5041 and wave (X) ended at 5334, wave (Y) ended at 4963, and second wave (X) bounce is in progress towards 5193 – 5247 area before the decline resumes. While bounces stay below 5335, but more importantly as far as wave “x” pivot at 5420 stays intact, index is expected to resume lower again once second wave (X) bounce is complete
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