Short term Elliottwave 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. Cycle from wave ((3)) low is already mature and there’s enough number of swings to call wave ((4)) complete, but while above 8221.01, index can still extend higher a bit in wave ((4)) towards 8859.61 – 8966.38 area before the decline resumes.
We don’t like buying the proposed push higher and expect sellers to appear from 8731.19 – 8966.38 area for at least 3 wave pullback.
