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. Wave (B) bounce is in progress to correct decline from 18173.54. Wave (B) bounce has enough swing and extension to call it completed although a marginal high still can’t be ruled out. As far as bounces stay below 18173.54, expect the Index to resume the decline lower. We don’t like to chase strength at this stage and expect wave (B) bounce to fail below 18173.54 for another extension lower or at least a 3 waves pullback.
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