PSU Bank Index

The PSU bank index has so far completed wave Y of a bear market. It would be hard to say that this is the final bottom and therefore I will work with the presumption that the move up is an X wave that may unfold in A-B-C, or 3 waves and retest the shelf support that was broken near 1900. (Monthly chart)

Ex-waves can sometimes retrace up to 50% of the previous decline which in this case would mean a move even higher up to 2710 with wave C subdividing into a further 5 wave advance. The 38.2% retracement is closer to 2335. (Weekly chart)