SPX Short Term Elliott Wave view suggests that Primary wave ((3)) ended with the rally to 2872.15. Decline from there in Primary wave ((4)) pullback is unfolding as a double three Elliott Wave structure where Intermediate wave (W) ended at 2818.27 and Intermediate wave (X) ended at 2839.26. While near term bounces stay below 2872.15, expect Index to extend lower in Intermediate wave (Y) of ((4)) towards 2774.3 – 2786.8 area. Afterwards, Index should resume the rally or at least bounce in 3 waves. We don’t like selling the Index and expect buyers to appear from the above area for a 3 waves bounce at least.
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