500sma on the ASI survived to hold. But it is still too Fragile.

Doom and Gloom was evident in the ASI since the 19th of August of this year to the present. The persistent damage is so frustrating, as it is giving the indication of a slow death. As mentioned in my previous posts, the only sigh of relief is that it is going through a painful correction. The question is whether the tides are changing. The Index broke down through the 100,200,and 300sma's in rapid intervals. Then it took some time to break down through the 400sma, and failed to hold on to the significant mark of 7000 points. The critical area of 6800 points was tested during the last few days, and succeeded to hold that level as the present support. The next important development we see now is that this area of 6800 range is the average level for the last 500 days as well. The index survived to close above the 500sma today. Now that's a relief, but still too fragile.