Short term Elliott Wave cycle suggests bounce to 5117.3 ended wave (X). First leg of decline from this level unfolded in a zigzag and ended wave W at 4847. Wave X bounce is currently in progress in 3 or 7 swing to correct the decline from 5117.3 and ideally can reach 4981 – 5012 area before the Index resumes lower again. We don’t like buying the proposed bounce and expect continuation lower after wave X bounce is complete as far as 5117.3 pivot stays intact. If Index breaks below 4847 without further bounce from current level, decline from 5117.3 can be in 5 waves and so another low below 4847 can end wave ((v)) of A before a bigger bounce in wave B to correct the decline from 5117.3.
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