Best reading of Elliott wave cycles suggests rally to 7091.7 ended wave ((w)). The Index is currently in wave ((x)) pullback as a double three where wave (w) ended at 6892 and wave (x) ended at 7040. While bounces stay below 7040, and more importantly below 7091.7, expect more downside in wave (y) of ((x)) towards 6788 – 6836 area before Index turns higher. We don’t like selling the proposed pullback and expect buyers to appear in the area above for at least a 3 waves bounce as far as pivot at 9/15 low (6635.9) remains intact in the first degree.
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