has closed below 104 weeks EMA
and 208 weeks SMA
. Index took lot of supports at these averages which can be clearly seen on chart. Let the market close above 11200 on weekly basis for 3-4 weeks to confirm that market has bottomed out. 500 day EMA
( 2 years trading sessions average) also comes at 11150. If market trades in between 9500-10800 then these averages will come down and proportionately reversal level will also come down. US market follow famous 4 years presidential cycle (bull and bear). That's why I thought to look for 2 and 4 years average.