Preferred Elliott wave count suggests that dips to 15926 ended wave (X) and Index has started a rally higher in the form of a double three structure where wave ((w)) ended at 16740. While Index stays below there, expect the Index to pullback in wave ((x)) to correct the rally from 15926 in 3, 7, or 11 swing. Then, as far as 15926 pivot stays intact during wave (x) pullback, Index should resume the rally higher again. We don’t like selling the proposed pullback.
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