A decisive close below the 38.2% fibo level of the entire rise from March 2009.Looks all set the test the 2010 low of 8150.This is close to the bear flag target of 8100 I have been mentioning since May 2011.The 50 % fibo level too is at 8338. This 8300-8100 area should provide good support.
Weekly Chart II
Having reached oversold levels a pullback could come in anytime.
With no signs of stopping the bleeding checked out lower fibo levels.
Happy Trading !!