Best reading of Elliott wave cycles suggests rally to 7129.8 ended wave W. The Index is currently in wave X pullback as a double three where wave (w) ended at 6930 and wave (x) ended at 7067.34. While bounces stay below 7067.34, and more importantly below 7129.8, expect more downside in wave ((y)) of X towards 6820.26 – 6867.46 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 (6640.5) remains intact in the first degree.
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