It is a Zigzagging affair and could be expected as a corrective trait. We might still see a bit more of a rally for markets that should finish off the week. A possible stop or resistance could be in the 60min 75ma chart now at 1654. What many might see as a possible rally to the gap of 1685 might not happen as an impulsive move hardly retrace that deep and could continue its march downward. All this should fall inline with our belief that the 1st week of September is the acceleration week that will continue to the end of September to early October.
Our indicators will most likely stay on the sell side for the whole month so we have to be prepared for a longer term overbought scenario.
Main-Trend: DOWN (Since Aug 6th)