Wave ((X)) pullback is in progress and is taking the form of a double three i.e. (W)-(X)-(Y) Elliott wave structure. Wave (W) ended at 19665, wave (X) took the form of a FLAT (3-3-5 structure) and completed at 19820. Wave (Y) is now in progress and is expected to end at 18805 – 19045 area to complete wave ((X)). Although the Index has reached equal leg of (W) and (X) at 19194, further low towards 19045 (1.236 extension) to complete wave ((X)) can’t be ruled out. We expect to see buyers from 18805 – 19045 area for a 3 waves reaction higher at minimum as per Elliott Wave hedging idea. We don’t like selling the Index in proposed push lower.
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