Decline to 11167.55 completed wave W, and subsequent bounce in wave X took the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 11710.41, wave ((x)) ended at 11218.54, and wave ((y)) of X was completed at 11916.17. From this level, the Index declines in wave ((w)) and the decline is taking the form of a triple correction (w)-(x)-(y)-(x)-(z) where wave (w) ended at 11586.35, wave (x) ended at 11790.35, wave (y) ended at 11345.1, second wave (x) ended at 11467.07, and wave (z) of ((w)) is in progress towards 11080.41 – 11159.67.
Expect the Index to bounce in wave ((x)) upon reaching 11080.41 – 11159.67 area to correct the decline from 11916.17 before the next leg lower. As far as 11916.17 level holds, the Index is expected to resume the decline lower after wave ((x)) bounce is complete in 3, 7, or 11 swing. We don’t like buying the proposed bounce in wave ((x)).
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