In the previous review I said " on the weekly chart it can be seen that the bulls are swung back and attempting an upward break of the falling parallel channel (blue), i.e. indicating an reversal in the trend. Still on a safer side, we will wait till break of '329' for a confirmation.
The bulls tried very hard to shore up the markets, but failed miserably. Further the index also lost an opportunity to post close above the important threshold level of "329", at least 4 times in the last few weeks.This is outright bearish indication. Remember that since mid-October, I was actively vouching for a bullish trend (counter trend within the structural bearish trend). However what we had seen (at the best) is a sideways movements below the threshold level of 329. Expect a fresh down wave in the global equity markets, may be retesting Oct 08 lows or even lower.
