Short term Elliottwave structure suggests wave “b” is proposed over at 18173.54. Decline from there is unfolding in a zigzag where wave (A) ended at 17580.38 as 5 waves diagonal. Near term, while wave B pullback stays above 17580.38, Index has scope to do another leg higher in wave C of (B) towards 17872.98 – 18028.26 area before the Index resumes the decline lower again. We don’t like buying the proposed bounce and expect wave (B) bounce to fail below 18173.54 for another extension lower.
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