From the peak of 16771 the market corrected to the level of 11488, canceling 0.50 of the Fibo range (wave IV).
Theoretically wave V is ahead of us, but the market is still dominated by bears. At the moment,
I expect a correction to the upper edge of the downward channel (blue line).
Then I expect another downward impulse which will test the 11488 level again.
There I will look for a rebound. Breaking the 11488 level may lead to a decline even to the area of 10500, where the support line of 0.62 Fibo of the weekly trend runs.