A Big Weekly Downside. Markets Down almost 25% from the Top of 9119. Check out the Charts as of now.
A Capitulation move was ripe to come as expected in a Jan. Post to test the bottom of the Channel. The cut has been deep and whipsawed the Lower T/L of Channel.
Since Trend is Down, keeping below 7230 close we may retest the Low / further below.
We may get an upside bounce on a close above 7000 to test the Resistance zone now at 7150-7230.
Close above 7270 may signal a Bottom in place as of now.
Positionally the Low 6869 and apprx 100 points below is now a good Support zone.
Trade with caution. Have hedged positions on any bias whether Long or Short.