Short term Elliott Wave cycle suggests rally to 20060 ended wave ((X)). From this level, Index has turned lower in a double three structure where wave ((w)) ended at 19395, wave ((x)) ended at 19840, and wave ((y)) lower is in progress. Internal of wave ((y)) is unfolding as a double three structure and near term focus is for the completion of wave (w) towards 19329 – 19426 area, then Index should bounce in wave (x), ideally correcting 50 – 61.8 back of the decline from wave ((x)) high at 19840, before the decline resumes again.
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