Preferred Elliott wave view highlighted on April 9, 2015, suggested that wave ((w)) of Z completed at 11618 and wave ((x)) pull back at 11290. Wave (w) ended at 11771, wave (x) was considered completed at 1616 and rally was expected to resume for new highs above 11771. We have already seen a new high above 11771 which means we now have minimum number of swings in place to call the cycle completed from 10858 low. However, Index is still short of 100% ext of ((w)) - ((x)) at 12055 and starting from 11290 low, we can still count only 5 swings up so as far as pull backs hold above 11616 (x) low, expect another push higher toward 12055 - 12235 area to complete the current 1 hour cycle before we get a larger 3 wave pull back. Ideally price should now hold above this level for continuation higher toward 12055 - 12235 area to complete a cycle from 3/26 low. We don't like selling the Index in any of the proposed pull backs and longs from (x) dip area should already be risk free.
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