As described in chart drawing, following are the important points I am looking at 1.> Resistance is shifting down after every pull back and new swing lows are getting created. 2.> Nature of this short leg is not fast and abrupt in down side as volatility in falling and recovery leg is almost equal. 3.> Naturally trading has been a challenge positionally, as by the time one forms a view to short, next day one see a gap up and by the time one thinks to go long, next day one sees a down move. 4.> This kind of small support breach and then resistance testing and then new support breach cycle is likely to continue.
My personal view is index is still in expansion mode on down side. These are educational views and firmly not a trading or investment advise.