If we make the assumption that this is just a correction from the bull run, I have drawn 61.8% fib retracements from key starts of bull runs, from the very start in mid 2015 to the recent runs that broke the 2017 channel. All other factors ignored for this perspective.
This leads to a reversal zone of 7500 to 9300.
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So, it bounced exactly off the 61% fib from the may 2015 very beginnings of the bull run. It also bounced just under the 200d MA. Others report it hit various other fib levels from later runs, so there are many ways to looks at this. The perspective if this chart, however, is that this correction has been in the post since may 2015 and that it is now over.
If we continue to go down, then its looking like a bear market is in play
So, it bounced exactly off the 61% fib from the may 2015 very beginnings of the bull run. It also bounced just under the 200d MA. Others report it hit various other fib levels from later runs, so there are many ways to looks at this. The perspective if this chart, however, is that this correction has been in the post since may 2015 and that it is now over.
If we continue to go down, then its looking like a bear market is in play
If we continue to go down, then its looking like a bear market is in play