The index is likely to continue on its downtrend, probably testing the Nov low at 1,474 and the downtrend channel support at 1,470. Breaking below these supports would signal the presence of wave 3 selling, which usually see the strongest selling momentum. If these supports hold, then a stronger rebound into the 1,520-1,540 levels could take place. Otherwise, prices could fall to test its 200-day SMA at 1,430.
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