The price has moved very strongly below the Lower Median line.This shows the confirmation of the weakness of the index in the short term.6178 should become the Lower High if price moves downwards tommorrow.The target for the Lower low is analysed with the 60 min chart.60 min chart
Worked on two probable Median line projections
Marked as A,B,C which are the anchor and swing pivots thro which the Blue ML is drawn.
The price is moving towards the Median Line .The target projections equivalent to range AB = 645 points from 6178 will lead to 5533 .
Marked as A1,B1 ,C which are the anchor and swing pivots thro which the red ML is drawn.In this scenario, price has zoomed thro the median line.The targets are the red Lower median line parallel.This is worked out as 2 x range of A1B1.This swing equals to 348 points x 2 = 696 points.The down target in this case works out to 5482.The warning line of the orange pitchfork is also drawn with distance at range = 1/2 of AB.This line will be a support line for the price move down.
In weekly charts 5570 is the 50 % R of the major swing from 4787 - 6336.
So the major levels to watch are 5570 - 5533 -5482.Price action around these levels will indicate the next swing move.
Outlook for tommorrow.The downside targets are as above.The price action is expected to continue as fierce as the past two days.