Short term Elliottwave structure suggests rally to 9218.68 ended wave ((4)) and the Index has resumed lower. Down from 9218.68, wave W ended at 8753. Wave X bounce is currently in progress as a double correction where wave ((w)) ended at 8960.7, and while wave ((x)) pullback stays above 8753, the Index has scope to do another leg higher in wave ((y)) of X before turning lower. We don’t like buying the proposed push higher in wave X and expect the Index to resume the decline either to new low or at least in 3 waves pullback once wave X bounce is complete as far as 9218.68 pivot stays intact.
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