Should the index exceed 3848.00 before then, I will reconsider this count.
This is the bearish contracting triangle view, suggesting that wave D down is nearing completion and should be followed by final wave E up. The internals of the waves so far seem to support this view, in my opinion. This implies that all upward progress in this index has actually been a countertrend correction. Although stock markets are generally meant to rise from their inception, I can see how one might be destined to fail within an economic system which was not designed to allow for it.