The Indian Sensex-Index today broke below important support at 15,752. As this is a weekly chart the break still isn't confirmed, but it is clearly a warning that we could see much deeper declines in the coming months. A close below support at 15,752 will open for a continuation down towards 14,393; 12,819 and 10,346, which is the Shoulder/Head/Shoulder target.
In the bigger picture I regards the entire price-action since the 2008 top at 21,206.77 as a big flat correction, which calls for the [C]-leg down to or just below the end of wave [A] at 7,697.
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