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 proposed complete at 4926 and the Index has resumed lower again. Decline from 4926.2 unfolded in 5 waves and ended wave (a) at 4804.7. Wave (b) bounce is currently in progress towards 4865 – 4879 area before the Index resumes lower again, provided that wave X pivot at 4926 stays intact.
As an alternate view, the decline from Wave (X) at 5117.3 to the last low at 4804.7 can be in 5 waves and ended wave A. If this is the case, then Index can now bounce in wave B to correct the entire decline from 5117.3 before resuming lower again. In other words, we expect more downside in the Index against 4926.2 in the first degree. If this pivot fails, then we expect more downside in the Index against 5117.3 in the second degree.
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