These days we see a massive selloff. Within 10 Tradingsessions the market lost 1770 Points or 15%. Such a selloff is historical and statsitical very rare and not "normal". First the break of the 200 triggered many strategic stopps. The Break of the former Low @ 10650 triggered the next sl-wave.
Today we have reached with a big downgap a longterm - the former Breakoutlevel @ 10.000 which was the playgrounds upper Zone / Resistance between 06/2014 - 01/2015. This Level also corresponds with the midterm since 09/2011 or the 38,2 fibo, the Minimum correction Level.
Below that Level all swing/trendtraders and market participants who entered the market at 10.000 tend to secure their positions at that Level, cause their positions tend to turn red below this Level. That means that another big sl-wave of the longterm players should be exspected.
If this Level does not hold, i exspect a further selloff - to the main @ 8150 Points! Here is based the longlasting Breakout-Zone. This Zone was a big between 1999-2013.
At the Moment i don`t see any signs, that the market will go on with its midterm uptrend. Nevertheless a Rebound from the actual level can be exspected, but i don`t think the Rebound would be sustainable. I think a pullback can reach maximum till the Region 10.800 - but i don`t believe that!