Decline to 2057.41 completed wave X. Wave ((w)) rally from this level is unfolding in the form of a double correction (w)-(x)-(y), where wave (w) ended at 2113.5 and wave (x) ended at 2079.25. In our previous Chart of The Day at 5/19/2015, we said the last leg wave (y) is in progress towards 2136.43 – 2149.86 to complete wave ((w)). We also said some profit taking should be seen from this area and the Index to pullback 3 waves lower in wave ((x)) to correct the rally from 2057.41.
Since our last update, current preferred Elliottwave view suggests wave ((w)) has completed at 2134. Wave ((x)) pulllback is currently in progress to correct the rally from 2057.41 towards an ideal target area of 2086.64 – 2095.66 (50 – 61.8 back). Wave ((x)) pullback is unfolding in the form of a double correction (w)-(x)-(y), where the first leg of the pullback wave (w) is expected to complete at 2112.24 – 2115.94. Wave (x) bounce should start after wave (w) is complete to correct the decline from 2134, followed by another leg wave (y) lower towards the ideal target area of 2086.94 – 2095.66 to finish wave ((x)). We do not like selling the proposed wave ((x)) pullback. Once wave ((x)) is complete, expect buyers to come again and push the Index higher in 3 waves at minimum per Elliott Wave hedging technique.
At EWF we offer 24 hour coverage of 41 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. Click for Free 14 day TrialBack