Short term Elliott wave count suggests that rally to 17173 ended wave (W). Decline from there is unfolding as a double three where wave W ended at 16300 and wave X bounce ended at 16880. Near term, Index is correcting cycle from 9/22 (16880) with potential target of 16542 – 16720 area, then as far as pivot at 16880 stays intact, expect the Index to resume lower or at least pullback in 3 waves. We don’t like buying the proposed bounce.
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