Short term Elliott Wave cycle suggests rally to 20060 ended wave ((X)). From this level, Index has turned lower and reached 100% equal leg, therefore the cycle is mature. However, in the short term, the Index still can extend lower as far as 19844 pivot stays intact. Decline from 20060 is unfolding as a triple three structure where wave ((w)) ended at 19395, wave ((x)) ended at 19844, wave ((y)) ended at 18875, and second wave ((x)) bounce is expected to complete at 19285 – 19380 before turning lower one more time to finish wave ((z)). As far as 19844 pivot stays intact, expect another leg lower once second wave ((x)) bounce is complete.
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