The break of the A-B trendline and failure to go beyond the long term trendline both were indicative that the previous low of 14677 seen in March will break. Last week we went marginally below that but did not sustain there. The weekly lower Bollinger band at 14640 provided support. Last week i mentioned that if market halts there it could attempt splitting wave C into wave IV of C with a rally to 15750 odd possible. For this 15400 would have to be crossed. The candle pattern last weeks chart called 'on neck line' I have seen on 3-4 ocasions and each one was followed by an exhaustive last sell off in the next week before a bottom formed. So that indicates that soon 14650 will get tested again before a possible rally in the market.
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