Decline from wave ((X)) at 8653.13 ended at 7667 as wave (W). From this level, wave (X) bounce is in progress as a double corrective structure WXY. Wave W ended at 8091.8, and wave X pullback is in progress towards 7869.8 – 7901.75, then it should turn one more leg higher in wave Y towards 8160.3 – 8421.45 to complete wave (X). We don’t like buying the proposed bounce in wave (X). As far as 8655.36 pivot stays intact, expect wave (X) bounce to fail below this level and the index to resume the decline to new low.
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