Index has almost reached the equal legs up from 5.16.2014 marked as red wave X on the chart. Break of rising 1 hour trend line or a similar break in RSI trend line would add more conviction to the view that cycle is over and a pull back lower in wave ( X ) has started. As the trend line holds, another high to penetrate the highlighted area can’t be ruled out but there is enough number of swings in place to call the cycle completed and risk / reward is not attractive for the longs here. Therefore, we will wait for lower prices in wave ( X ) as per the preferred Elliottwave view before getting long the Index again.Drop from the recent peak (11249) is so far corrective and trend in higher time frames is up so we are not interested in selling the Index.
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