ASI - Heading down towards 5972. The 2017 Low!!!

Nearly a month since I last posted a chart on the ASI, the index could not respect the uptrend. Instead it has now broken down the previous low of 6042 on the 20th of March 2017, closing at 6040 on the 21st of August 2018. Despite the attractive valuations, and bullish equity markets with corrections elsewhere in the world for many years running, ASI has struggled to keep pace. But reacted only when the world markets witnessed profit taking, and head southwards. This was mainly because of the lack of Participation by the Local Institutions and Local high networth Individuals. Except for a few Local high networth individuals who liked to buy when the Foreigners were on a selling spree, and the unprofessional Retail and High end Traders got forced sold there wasn't  any support coming from the most important local counterparts. If we do not see any change in this trend, we will not see a trend change in the Index anytime soon. If this dismal performance persist a test of the 2017 lows can't be ruled out.