Short term Elliott wave count suggests that decline to 16335 ended wave ((x)). Rally from there is unfolding as a double three where wave (w) ended at 17170 and wave (x) pullback is proposed complete at 16885. While Index remains above 16885, and more importantly as far as wave ((x)) pivot at 16335 stays intact, expect more upside in the index towards 17374 – 17589 area to end cycle from 8/4 low, or at least from 8/26 low. A break below 16885 suggests wave (x) correction to the rally from 16335 low is not over yet and can see further extension lower to 16653 – 16752 area before the Index resumes higher.
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