Finally, the drop to today possible intra-day low of 3437.12 hit the 61.8% Fibonacci Retracement level for the Intermediate degree Wave 5 Minor degree Wave 2 correction, a very typical level for wave 2 correction. As such, a double-three combination of Expanded Flat - Zigzag looks to play out for this correction. Can it still go lower ? Well there is a possibility to hit the 78.8% Fibonacci level at 3395 given the uncertainty global stock markets are facing now. However, keep a look out for the turnaround too. Once the correction is over, it will be the Intermediate degree Wave 5 Minor degree Wave 3, the one that should break the 2007 high.
