Best reading of the cycle suggests the decline to 1105.9 ended wave ((W)), then the index bounced in wave ((X)) to 1193.85. From this level, the index has resumed the decline lower with the first leg of the decline wave (W) completed at 1078.63. Wave (X) bounce is currently in progress in 3, 7, or 11 swing. Most aggressive view suggests wave (X) bounce is unfolding as a double corrective structure WXY where wave W ended at 1103.7, wave X ended at 1083.9, and wave Y is in progress towards 1108.28 – 1114.17 to complete wave (X). From this area, the decline can resume either to new low or at least 3 waves reaction lower. Although wave (X) bounce can further extend in 7 or 11 swing, as far as 1193.85 pivot stays intact, expect the index to continue the decline lower once wave (X) is complete in 3, 7, or 11 swing. We don’t like buying the proposed wave (X) bounce.
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