Decline to 17732.04 completed wave X and the Index has since moved higher. From wave X low, the rally took the form of a zigzag a-b-c, where wave a ended at 17973.07, wave b ended at 17910.15, and wave c of (w) completed at 18205.23. In our last Chart of The Day update, we said that wave (x) pullback is in progress towards 17843.94 – 17969.54 (50 – 76.4 back), and buyers should come from this area to push the Index to new high or at minimum 3 waves higher to correct the decline from 18205.23 . Since our last update, preferred Elliott Wave view suggests wave (x) pullback has ended at 17924.8 and the Index has bounced as anticipated. The Index is expected to resume rally higher as far as wave X low at 17732.04 holds. Readers of our Chart of The Day who took a long position at the 50 – 76.4 back area above as per previous chart of the day should have a risk free trade already.
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