Short-term Elliottwave structure suggests rally to 9218.68 ended wave ((4)) and the index has resumed lower. Wave W decline from 9218.68 is unfolding as a double correction where wave ((w)) ended at 8783.4, wave ((x)) ended at 9138.8, and wave ((y)) of W is in progress towards 8676.12 – 8746.74 area. Once wave W is complete, index should bounce in wave X before turning lower again. We don’t like buying the proposed bounce and expect the index to resume lower once wave X bounce is complete in 3, 7, or 11 swing as far as 9218.68 pivot stays intact.
