Short term reading of the Elliott Wave cycle suggests the rally from wave (4) low at 6079.8 is unfolding in a double three structure where wave W ended at 6366.8, wave X ended at 6221.04, and wave Y is in progress. Internal of wave Y is unfolding also in a double three where wave ((w)) ended at 6395.3 and wave ((x)) is in progress towards 6278.6 – 6320.3 area before higher again. As far as wave X pivot at 6221.04 stays intact during wave ((x)) pullback, the Index is expected to resume higher in wave ((y)) of Y towards 6506 – 6574.5. We don’t like selling the proposed wave ((x)) pullback.
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