Short term Elliottwave structure suggests Index ended wave X at 5788.7. Rally from there is unfolding as a triple three where wave ((w)) ended at 6229.18, wave ((x)) ended at 5958.66, wave ((y)) ended at 6612.13, and 2nd wave ((x)) ended at 6431.69. Near term, wave (w) is expected to complete at 6702.37 – 6760.55 area, then it should pullback in wave (x) to correct rally from 6431.69 before the Index turns higher again. We don’t like selling the pullback and expect Index to continue higher after wave (x) pullback is complete in 3, 7, or 11 swing as far as 6431.69 pivot stays intact.
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