Short term Elliott Wave cycle suggests rally to 5420 on 10/23 ended wave "x". From this level, Index has turned lower in wave ((W)) with the internal unfolding as a double three structure where wave (W) ended at 5041 and wave (X) ended at 5334. Wave (Y) still has a scope lower towards 4865 - 4955 area to complete wave ((W)) before a larger bounce in wave ((X)) is seen to correct the cycle from 10/23 peak. A break below 8/24 pivot low at 4936 suggests that the Index has likely resumed the decline lower and another swing lower is likely after the bounce in wave ((X)) is completed.
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