The major reason behind it is the US recession. and the current reason behind the downtrend of the Indian markets will be the disappointment against the RBI interest rates and the double top pattern is also a strong indicator. :)
yea i agree with it, am just saying the downtrend will begin in december or you can say the day when the FED will raise the interest rate. As per my point of view, i think the highest peak the nifty could touch is ~9100.
Why will it rise again after coming to the downside? Once it comes down, their wont be any reason to climb up again, as the US presidential election plus the FED rate hike is very close, and the stock markets has the well known behavior of being conservative n taking actions way before the action happens.