Bounce to 5800.4 completed wave (X). From this level, the Index declined in a triple correction form ((w))-((x))-((y))-((z)) where wave ((w)) ended at 5685.6, wave ((x)) ended at 5752.3, wave ((y)) ended at 5581.9 , second wave ((x)) ended at 5606.6, and wave ((z)) of W is expected to complete at 5503.7 – 5560.1 area.
As Index is currently already at the inflection area above, wave X can happen soon ideally reaching 5643.3 – 5680 before the decline resumes. We don’t like buying the proposed wave X bounce. As far as 5800.4 level holds in the bounce, the Index is expected to resume lower after wave X bounce is complete in 3, 7, or 11 swing.
At EWF we offer 24 hour coverage of 42 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Click for Free 14 day TrialBack