Updating our expectations for August 24, the index respected our bearish scenario reaching the first target around 9915 and rebounding to retest the breached neckline for the bearish pattern which resides with the 100 MA. 
As seen above, this level remained steady against the index’s upside attempts pushing it to resume its downside move providing a bigger bearish formation with the neckline around 9930 – 9915; and due to the ongoing negative pressure which is supported by stochastic we see the likelihood for breaching the neckline extending the short term bearishness towards 9500.We have strong support around 9820 which might push the index to retest the neckline area once again before resuming the downside move. Our scenario remains valid as far as no daily closing was set above 10210.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com