This is how the Nifty looks.
It has broken its L2 trendline and is now targetting L1. If it does fall, it would also have executed a head & shoulders pattern with the neckline as shown.
All, of this and momentum and market breadth indicators are pointing to significant weakness.
However, given that the red moving averages are still positive, price is near the L2 trendline, and two weeks of significant selling have occurred, we're expectant of a little bounce from here.
After that, the trend appears negative.
