Descending Regression Channel1. The exhaustion gaps marked A, B, and C will provide substantial support.
2. The index is finding support at the extended line from the previous tops on October 21 and December 22, as indicated by the yellow line.
3. The index is moving in a descending channel, which is identical to the trend we saw when it was heading upward.
As we indicated in the previous blog, a sideways or minor candle formation is likely until 18600.
