Cycle from 1/21 low remains in progress as 5 waves and dip to 17331.07 ended wave (4). Rally from there is unfolding as a double-three structure where wave ((w)) ended at 17891.6 and wave ((x)) ended at 17660.87 on 6/1. Near term, cycle from 6/1 low is proposed complete as 5 waves diagonal with wave (a) at 18003.23, and the index is expected to pullback in wave (b) to correct the rally from 6/1 low before turning higher again.
We don’t like selling the proposed wave (b) pullback and expect the index to resume higher once wave (b) pullback is complete in 3, 7, or 11 swing as far as 17660.87 pivot stays intact.
