Short term Elliottwave structure suggests wave C rally from 2/10 low is unfolding as 5 waves, where wave ((i)) ended at 5047.1, wave ((ii)) ended at 4905.5, wave ((iii)) ended at 5245, and wave ((iv)) ended at 5146.4. Near term, wave (ii) of ((v)) is expected to complete at 5175.8 – 5194.4 area, then as far as wave ((iv)) pivot at 5146.4 stays intact, the index still has scope to extend higher towards 5320 – 5370 area to complete wave (X) and end the cycle from 2/10 low. A break below 5146.4 may suggest that the index has started to turn lower. We don’t like buying the proposed bounce, and expect sellers to appear from 5320 – 5370 area for at least 3 waves pullback.
