Short term Elliott wave structure suggests cycle from 11/4 peak ended with wave ((3)) at 7862.8 and the Index is in wave ((4)) bounce to correct decline from 11/4 peak. Internal of wave ((4)) is unfolding as a double three where wave (W) ended at 8478.9, and wave (X) ended at 7967.88. While above 8221.01, Index has scope to extend higher in wave ((4)) towards 8731.19 – 8911.79 area before the decline resumes. We don’t like buying the proposed push higher and expect sellers to appear from 8731.19 – 8911.79 (1.236 – 1.618 ext) area for at least 3 waves pullback.
