Price action falling out of the pitchfork without tagging the median line is certainly not bullish...

From 5 August low, I can see a contracting diagonal forming, with waves (1), (2), and (3) having fairly clear three-wave corrective structures/patterns.

Wave (4) in this interpretation would be an expanded flat, with wave c to go below 19614.1 and having Fibonacci and trend-line support to stay above 18676.2.

Wave (5) would then likely finish above 20758.4 to complete the pattern.
Elliott WaveFibonacciPitchforks

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