The index has bounced from the lows of the RSI 30. Trading last Thursday created a white candle that broke both the immediate resistance line and the resistance line from the start of the downward movement. It also broke through the 65 day MA as well. This is a positive thing for the index as it was able to break through 3 resistance levels. However, there was no follow through with the trading action last Friday. It would have been great if the trading last Friday was again a white candle with considerable spread, but instead the index opened and closed on almost the same level. This indicates a deadlock between bullish and bearish traders. So for next week it is still a wait-and-see who would win and break the impasse.
Considering the Elliott wave counting, I am hoping that this recent break of the 3 resistance levels would be the end of the C wave. But I am also not sure whether the C wave was completed in the first place, because text book length of C wave is at least the same size as wave A, so I was expecting the C wave to go further down toward 3850 level, which did not happen
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