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, 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 1060.9 – 1077.36 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 the index has reached close to equal leg area, it’s also possible for the index to start wave (X) bounce already without another leg lower, but as far as wave ((X)) pivot at 1193.85 stays intact, expect the index to continue lower again afterwards. We don’t like buying proposed wave (X) bounce and expect the index to continue the decline lower as far as 1193.86 pivot stays intact.
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