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 triple three structure where wave (W) ended at 5041 and wave (X) ended at 5334, wave (Y) ended at 4963, and second wave (X) bounce is proposed complete at 5176. While the Index stays below 5176, or more importantly as far as 5335 pivot stays intact, Index is expected to resume the decline either to a new low below 4963 or at least in 3 waves lower to correct the rally from 4963.
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