Decline from wave ((X)) at 8653.13 ended at 7667 as wave (W). From this level, wave (X) bounce unfolded as a double corrective structure WXY, where wave W ended at 7907.4, wave X ended at 7777.1, and wave Y of (X) ended at 8092.66. The index has since resumed lower, and short term, wave ((w)) is expected to complete at 7662.68 – 7713.8, then it should bounce in wave ((x)) before lower again. We don’t like buying the proposed bounce in wave ((x)). As far as 8092.66 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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