Break beow uptrendline from December 2011 lows and 40 &100 wema.The crucial 9845 low of this ongoing correction was broken and closed below it too which is very bearish.Oscillators showing weakness and supporting further fall.
The chart below shows bullish inverse head and shoulder ,the right shoulder of which could still be forming in the shape of a pennant. Important breakout levels marked.
Big bearish candle with a gap down open breaking below the 200 dema.This is bearish. The breakout points are 10443-9665. If 9665 holds the right shoulder could continue forming.
Half Hourly Chart
The bearish head and shoulder pattern's neckline too was broken giving a target of 9408.Oscillators on half hourly charts oversold so a pullback may be due.
Oscillators on weekly and daily charts showing weakness. A number of bearish patterns broken down on half hourly charts giving targets of 9521-9408.Situation still fluid so strict stops/hedges on positions.
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