ASI - 19 points dropped in 7 market days

The ASI is trending through a painful side way movement. In a matter of 7 days the it had retraced only 19 points, beforethat it struggled to move up about 19 points. The critical point to learn here is that the index to fall 38 points it took only 2 days. What actually happened is this, on the 6th instant in my last post on the ASI, the close was 6519 points, then in 5 days it crawled up 19 points to 6538 , and in the next 2 market days it fell 38 points. This shows how confused and lackluster the market is at present, and 38 points drop in 2 days  is not at all positive. The index closed around 6500 points today. This is a psychological support level, which caused to erase about 200 points of the previous uptrend of 900 points. That is about 23 to 23.6% retracement of that up move. The next level in the fib retracements is at 6380 points which is the 38.2% retracement level. Before this level there is another major area of support at 6450 points. However the momentum and the sentiment in the market is so negative that it will be great to see these levels truly support the market. Whilst that is the negative side, the positive is also can be aggressive as the market is hunting for anything good to propel the market to the next level. Traders can do nothing but wait.