As shown on the chart above, the 2nd board index continued its technical correction on Wednesday, ended the day 1.08 points lower. Therefore, the 103.36 Fibonacci Retracement remained as the immediate resistance line while the 14, 21, 31 EMA is still serving as the dynamic support. If the 2nd board could rebound from the dynamic support after this correction, the uptrend might resume. (Study A)

Volume for the 2nd board market on Wednesday declined more than 50%. This is usually a signal of a normal correction for it implies that there were no panic selling during the correction. Nevertheless, if the 2nd board index was to resume its uptrend after this correction, the increase of volume to above the 40 days VMA level is a must, in order to sustain the bullish movement. (Study B)

As pointed by C, Stochastic fell below 90% level as a sign of a short-term technical correction signal. If the Stochastic could remained above 70% level after this correction, the short-term movement would remained bullish bias. (Study C)

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