Summary
· The Index is attempting to break down from a rising channel. The breakdown level is around 5,020 which is today's high
· While below the channel the risk is for a move lower. Potential targets are the 38.2% & 50% retracement which stand at 4,765 and 4,605
Strategy: Short 0.5 unit from mkt price, target 4,765 with a stop loss on a close above 5,052 (yesterday's high)