This is for education purpose only and may not be useful for trading
EOD view: trend is down...as triangle has broken on 
downside, expect 2970-(3237-2503)=2236. If recent peak is considered, then target is 2798-(3237-2503)=2064.
Trading strategy: short on any bounce near stoploss (2 day swing).
The 'panic' low made in this correction would be the last phase of the price wise correction.
UPDATE: look at RSI supports EOD charts for a possible bounce.
Weekly charts: this week opens with a gap down and threatens a break of 2660 and a retest of 2200. Clearly, markets are unable to sustain above RSI resistance (14 bar).
20 day swing : the recent buy signal has failed and SL for sell is at 2970. The sell has been generated near supports so use 2 day swing to lock in gains.
downside, expect 2970-(3237-2503)=2236. If recent peak is considered, then target is 2798-(3237-2503)=2064.Trading strategy: short on any bounce near stoploss (2 day swing).
The 'panic' low made in this correction would be the last phase of the price wise correction.
UPDATE: look at RSI supports EOD charts for a possible bounce.
Weekly charts: this week opens with a gap down and threatens a break of 2660 and a retest of 2200. Clearly, markets are unable to sustain above RSI resistance (14 bar).
20 day swing : the recent buy signal has failed and SL for sell is at 2970. The sell has been generated near supports so use 2 day swing to lock in gains.
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