Best reading of the cycle suggests that the decline to 1105.9 ended wave ((W)). From this level, the index bounced and ended wave ((X)) at 1193.85. The index has since resumed the decline lower, which is unfolding in a double corrective structure WXY where wave W ended at 1124.75, wave X ended at 1146.72, and wave Y is in progress towards 1060.71 – 1077.14 to complete wave (W).
Short term, the index has a scope to bounce in wave ((x)) to correct the decline from 1146.7 before resuming lower again towards 1060.71 – 1077.14 to complete wave (W). Once wave (W) is complete, the index can see a larger bounce in wave (X) to correct the decline from 1193.85. As far as wave (X) bounce fails below 1193.85, expect the index to continue lower again afterwards. We don’t like buying any proposed bounce in the chart and expect the index to continue the decline lower as far as 1193.86 pivot stays intact.
At EWF we offer 24 hour coverage of 42 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer! We are currently also running 30% promotion on Platinum Plan, valid for new members only.Back