Preferred Elliott Wave view suggests Index has ended a cycle at least from Mid-October low and perhaps a larger daily cycle as well. Initial decline from the highs was in 3 waves that we have labelled as wave (( w )) and ended at 2034. After that we saw a sharp recovery to 2060 followed by new lows to 2024. Index didn’t reached equal legs @ 2015 and rallied at the open today which immediately had us thinking about the FLAT correction. So we think Index is doing a FLAT in wave (( x )) which is expected to end between 2056 – 2062 and then it should turn lower to resume the decline again. If we finish (( x )) at 2056, then equal legs of (( w )) – (( x )) would come at 2010 and 1.236 ext of (( w )) – (( x )) at 1999. This view remains valid as far as price holds below 2080 high.
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