Short term Elliott Wave cycle suggests bounce to 5117.3 ended wave (X). First leg of decline from this level unfolded in a zigzag and ended wave W at 4847. Wave X bounce is currently in progress in 3 or 7 swing to correct the decline from 5117.3 and ideally can reach 4981 - 5012 area before the Index resumes lower again. We don't like buying the proposed bounce and expect continuation lower after wave X bounce is complete as far as 5117.3 pivot stays intact. If Index breaks below 4847 without further bounce from current level, decline from 5117.3 can be in 5 waves and so another low below 4847 can end wave ((v)) of A before a bigger bounce in wave B to correct the decline from 5117.3.
If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.
