Short term Elliottwave structure suggests Index ended wave X bounce at 10340. Decline from there is unfolding as a double correction where wave (W) ended at 9226.15 and wave (X) bounce is proposed complete at 9808.77. Near term wave (a) is expected to complete at 9353 – 9511 area, then it should bounce in wave (b) before Index resumes lower. As far as 9808.77 pivot stays intact during wave (b) bounce, we favor the Index to continue lower. We don’t like buying the proposed wave (b) bounce.
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