Preferred Elliott Wave view suggests wave ((X)) pullback took the form of a double three (W)-(X)-(Y) structure. Wave (W) ended at 19665. Wave (X) took the form of a FLAT (3-3-5 structure) and completed at 19820. In our last Chart of the Day update, we said wave Y of ((X)) can still make one more low and test 18805 – 19045 before buyers appear and 3 waves reaction higher takes place per Elliott Wave hedging idea. Current update propose wave (Y) of ((X)) has completed at 19055, and the Index has bounced as anticipated. Index is expected to bounce at least 3 waves higher with an ideal target of 19675 – 19821 (50 – 61.8 back from wave ((Y)) high). First leg of bounce wave w is expected to complete soon, followed by wave x pullback before the rally resumes. We don’t like selling the proposed wave x pullback. Readers who took a long position should have a risk free trade already.
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